US Pending Home Sales

Data Real Estate

Source: NAR
Source Link: https://www.nar.realtor/
Frequency: Monthly
Next Release(s): March 17th, 2026 10:00 AM

Latest Updates

U.S. pending home sales declined -0.8% MoM and -0.4% YoY in January, signaling still-muted contract activity.
- MoM: Midwest +5.0% and West +4.3% rose, while Northeast -5.7% and South -4.5% fell, showing mixed regional momentum within a small national decline.
- YoY: South +4.0% and West +0.3% increased, but Northeast -8.3% and Midwest -3.3% declined, indicating uneven annual recovery across regions.
- Mortgage rates near 6% newly qualify about 5.5M households, with roughly 10% potentially entering the market, suggesting gradual demand support rather than immediate buying.
- Limited housing supply could push prices higher if new buyers become active, highlighting affordability pressures despite improving qualification conditions.
- Largest metro YoY gains included Phoenix +11.8%, Boston +10.7%, and Charlotte +10.7%, showing localized strength despite soft national totals.
- The Housing for the 21st Century Act passage signals policy efforts to expand supply and address housing shortages, tied to broader affordability trends.
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U.S. pending home sales fell -9.3% MoM and -3.0% YoY in December 2025, reversing recent improvement in contract signings.
- The National Pending Home Sales Index declined -9.3% MoM, the largest one-month drop since April 2020, indicating a broad-based pullback in new contracts.
- On a YoY basis, pending sales were down -3.0%, as gains in the South were more than offset by declines in the Northeast, Midwest, and West.
- Regional detail: Northeast -11.0% MoM and -3.6% YoY, showing both a sharp monthly drop and a continued annual decline.
- Midwest -14.9% MoM and -9.8% YoY, the largest declines across regions on both a monthly and annual basis.
- South -4.0% MoM but +2.0% YoY, standing out as the only region with positive annual growth despite a monthly contraction.
- West -13.3% MoM and -5.1% YoY, reflecting a sizable monthly pullback alongside a weaker annual trend.
- Inventory was cited at 1.18M homes in December, matching the lowest level of 2025, suggesting limited listings alongside softer contract activity.
- Realtor confidence metrics for December closings showed median time on market at 39 days (vs 36 prior month; 35 a year earlier), first-time buyers at 29% (vs 30%; 31%), and investor/second-home share at 18% (flat MoM; up from 16% YoY).
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U.S. pending home sales rose +3.3% MoM (vs +1.0% MoM expected) and +2.6% YoY in November 2025, marking the strongest activity in nearly three years.
- The National Pending Home Sales Index increased +3.3% MoM and +2.6% YoY, indicating broad-based improvement in contract signings compared with both October and November 2024, according to the National Association of REALTORS.
- All four regions posted gains on both a MoM and YoY basis, showing synchronized regional improvement rather than isolated strength.
- The Northeast rose +1.8% MoM and +1.8% YoY, reflecting modest but balanced growth across both time horizons.
- The Midwest increased +1.3% MoM and +2.2% YoY, indicating steady annual gains alongside a smaller monthly advance.
- The South recorded a +2.4% MoM increase and a +3.3% YoY gain, marking the strongest YoY growth among regions.
- The West jumped +9.2% MoM and rose +2.4% YoY, standing out for its sharp monthly rebound while maintaining positive annual growth.
- Buyer traffic expectations improved, with 22% of REALTORS® expecting higher buyer traffic over the next three months, up from 17% in October but below 24% one year earlier, while seller traffic expectations rose to 18% from 16% last month but remained below 22% a year ago.
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US pending home sales rose 1.9% MoM (vs 0.5% MoM expected) in October 2025 but were down -0.4% YoY, reflecting modest monthly improvement alongside a still-soft annual trend.
- The Northeast increased +2.3% MoM but declined -1.0% YoY, showing mixed momentum as annual activity remained slightly negative.
- The Midwest posted a strong +5.3% MoM rise and +0.9% YoY gain, marking the only region with consistent monthly and annual improvement.
- The South rose +1.4% MoM and +2.0% YoY, indicating steady activity supported by better affordability relative to coastal markets.
- The West fell -1.5% MoM and -7.0% YoY, continuing to lag other regions amid higher prices and weaker contract signings.
- Buyer traffic expectations softened, with 17 percent of REALTORS® expecting higher demand over the next three months (down from 20 percent), while seller traffic expectations slipped to 16 percent (from 19 percent).
- The report noted that longer days on market from November to February typically improve buyer negotiating leverage, while recent job gains may help support future homebuying sentiment.
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Pending home sales were unchanged MoM and down -0.9% YoY in September 2025, reflecting mixed regional trends amid improving mortgage rates and rising housing inventory.
- The Northeast rose +3.1% MoM and +0.5% YoY, showing modest growth and outperforming other regions.
- The Midwest declined -3.4% MoM and -1.5% YoY, marking the weakest regional performance on both measures.
- The South increased +1.1% MoM and +0.9% YoY, extending steady gains in both monthly and annual comparisons.
- The West slipped -0.2% MoM and -5.3% YoY, continuing its sharpest year-over-year contraction among regions.
- NAR’s Confidence Index showed 20% of members expect higher buyer traffic in the next three months (vs 19% last month), while 19% expect higher seller traffic (unchanged MoM).
- Inventory reached a five-year high, giving buyers more options and greater leverage in price negotiations.
- NAR noted that mortgage rates have fallen to a one-year low and are trending toward three-year lows, which could aid affordability, though a government shutdown may temporarily slow sales activity.
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Pending home sales rose +4.0% MoM (vs +0.3% MoM expected) and +3.8% YoY in August 2025, marking a solid rebound supported by lower mortgage rates and improving affordability.
- The Northeast declined -1.1% MoM but gained +2.6% YoY, showing weakness on the month but better annual comparisons.
- The Midwest surged +8.7% MoM and +6.7% YoY, the strongest performing region, driven by affordability advantages.
- The South increased +3.1% MoM and +4.2% YoY, maintaining steady momentum in both measures.
- The West rose +5.0% MoM and +0.2% YoY, reflecting sharp monthly gains but nearly flat annual growth.
- NAR’s survey showed 19% of members expect higher buyer traffic (up from 16% last month), while 19% expect higher seller traffic (down from 21% last month but above 18% a year ago).
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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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