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.