US Pending Home Sales

Data Real Estate

Source: NAR
Source Link: https://www.nar.realtor/
Frequency: Monthly
Next Release(s): September 29th, 2025 10:00 AM

Latest Updates

Pending home sales fell -0.4% MoM in July 2025 but were up +0.7% YoY, showing modest year-over-year improvement despite regional divergences.
- The Northeast saw sales decline -0.6% MoM and -0.6% YoY, marking weakness on both measures.
- The Midwest dropped -4.0% MoM but was up +1.3% YoY, reflecting a sharper monthly fall but better annual momentum.
- The South was essentially flat (-0.1% MoM) but gained +1.8% YoY, showing steady improvement.
- The West rose +3.7% MoM but declined -1.9% YoY, highlighting short-term strength amid softer annual comparisons.
- NAR’s survey showed 16% of members expect higher buyer traffic (unchanged YoY), while 21% expect higher seller traffic, up from 17% last year.
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Pending home sales fell -0.8% MoM and -2.8% YoY in June 2025, with contract activity declining in most regions despite improving inventory and rising mortgage applications.
- The West led the declines with sales down -3.9% MoM and -7.3% YoY, followed by the South (-0.7% MoM, -2.9% YoY) and Midwest (-0.8% MoM, -0.9% YoY).
- The Northeast was the only region with MoM growth (+2.1%) and held flat YoY.
- Homebuyer traffic rose 4% YoY and seller traffic increased 6% YoY, according to the REALTORS Confidence Index.
- NAR noted potential for a rebound, citing stronger homebuying sentiment and rising mortgage applications.
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Pending home sales rose 1.8% MoM (vs -0.3% MoM expected) and 1.1% YoY in May 2025, with all four US regions posting monthly gains and mixed annual trends.
- The West led MoM growth at 6.0% but was down -1.2% YoY; the Northeast rose 2.1% MoM and fell -0.5% YoY.
- The Midwest edged up 0.3% MoM and 2.6% YoY, while the South rose 1.0% MoM and 2.0% YoY.
- The national increase reflects steady job gains and rising wages, though affordability remains constrained by mortgage rate volatility.
- The South continues to benefit from higher inventory and job creation, while tight supply in the Northeast is pushing prices above list for many homes.
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Pending home sales fell -6.3% MoM (vs -0.9% MoM expected) and -2.5% YoY in April, marking a broad decline across all US regions and the largest decline in a year.
- The Pending Home Sales Index dropped to 71.3 in April.
- The West saw the steepest MoM decline at -8.9% (YoY -6.5%), followed by the South at -7.7% (YoY -3.0%).
- The Midwest declined -5.0% MoM but rose 2.2% YoY, the only region with an annual increase.
- The Northeast slipped -0.6% MoM and -3.0% YoY.
- Despite a rise in inventory, elevated mortgage rates continue to restrain demand.
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Pending home sales increased 6.1% MoM in March, the greatest month-to-month increase since December 2023.
- On an annual basis, pending transactions were down -0.6% YoY.
- Mortgage rates fell by around 20 to 30 basis points in March from the first two months of this year. The average mortgage rate was 6.65% in March, down from a 6.96% average in January and down from a 6.84% average in February.
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US pending home sales increased 2.0% MoM in February, above the 1.5% MoM expected and a slight reversal of the -4.6% MoM decline in January. Over the year, pending home sales were down -3.6% YoY.
- The Northeast (-0.9% MoM) and West (-3.0% MoM) saw pending home sales decline.
- The Midwest (+0.7% MoM) and South (+6.2% MoM) saw pending home sales increase.
Quarterly economic forecast:
- NAR forecasts mortgage rates will average 6.4% in 2025 and 6.1% in 2026.
- The association expects existing-home sales will rise by 6% in 2025 and accelerate another 11% in 2026.
- The new-home sales market has plentiful inventory and, therefore, NAR anticipates it will rise by 10% in 2025 and another 5% in 2026.
- It predicts that the national median home price will increase by 3% in 2025 and 4% in 2026.
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US pending home sales fell -4.6% MoM and -5.2% YoY in January, much more than the -0.9% MoM decline that was expected. The index is at an all-time low.
- The Northeast index rose 0.3% MoM, but was down -0.5% YoY
- The Midwest index contracted -2.0% MoM and -2.7% YoY.
- The South index plunged -9.2% MoM and -8.8% YoY.
- The West index fell by -1.2% MoM and was down -4.5% YoY.
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US pending home sales fell -5.5% MoM in December after increasing for four straight months. Analysts expected there to be no change, but high mortgage rate stifled activity significantly. On an annual basis, pending home sales fell -5.0% YoY. Regionally, the largest declines were in the Northeast index (-8.1% MoM) and in the West index (-10.3% MoM).

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US pending home sales grew 2.2% MoM in November vs expectations of a smaller 0.7% MoM increase. The annual increase of pending home sales accelerated from 5.4% YoY in October to 6.9% YoY, the fastest increase since May 2021. The South region saw the largest increase at 5.2% MoM and 8.5% YoY while the Midwest and West regions saw small gains. The Northeast region saw a decline of -1.3% MoM in pending sales.

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