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Pending home sales surged in May as the real estate market recovered from the trough of the early COVID-19 pandemic in the U.S.

Pending sales jumped 52.5 percent from April in the Portland-metro area, according to RMLS, a regional listing service. However, the amount was still 5.5 percent below May 2019.

The strong activity came as a relief to real-estate agents after pending sales dropped off a cliff in April as homeowners pulled back listings and potential buyers stayed home.

In April, pending sales were off 34.2 percent compared to April 2019, and 13 percent compared to March 2020.

The real estate market is seeing a rush of pent-up demand, said Greg Lawler, a Realtor with NextHome Realty Connection in Cedar Mill.

鈥淭he home just became that much more important,鈥� he said.

Home prices rebounded. The median sale price in May grew to $425,000, a 1.2 percent increase compared to a year ago, and a 0.2 percent increase compared to April.

Inventory was at 2.3 months. Homes spent 38 days on the market on average, down from 44 in April.

鈥淏uyers were still out there,鈥� Lawler said.

Homes priced below $600,000 are selling briskly, while those priced closer to $1 million are moving more slowly. That’s not unusual, Lawler said.

鈥淲e’re seeing multiple offers, houses selling in three or four days,鈥� he said.

Lawler predicted a busy summer as the buyers who stayed home in early spring jump back in.

鈥淚t’s getting delayed,鈥� he said.

Lawler said he expects more buyers to look for larger homes in the suburbs as many office workers continue to work from home during the pandemic.