Pending home sales in September showed no change from the prior month and fell 0.9% year over year, according to the National Association of REALTORS Pending Home Sales Report. The report provides the real estate ecosystem, including agents and homebuyers and sellers, with data on the level of home sales under contract.
Month-over-month and year-over-year pending home sales rose in the Northeast and South but declined in the Midwest and West.
September’s REALTORS Confidence Index survey shows that 20% of NAR members expect an increase in buyer traffic over the next three months, up slightly from 19% last month and down slightly from 21% one year ago. Meanwhile, 19% expect an increase in seller traffic, unchanged from last month and down slightly from 20% in September 2024.
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“Contract signings matched the second-strongest pace of the year. However, signings have yet to fully reach the level needed for a healthy market despite mortgage rates reaching a one-year low,” said NAR Chief Economist Lawrence Yun. “A record-high stock market and growing housing wealth in September were not enough to offset a likely softening job market.”
“Inventory has climbed to a five-year high, giving home buyers more options and room for price negotiation,” Yun added. “Looking ahead, mortgage rates are trending toward three-year lows, which should further improve affordability, though the government shutdown could temporarily slow home sales activity.”
September 2025 National Pending Home Sales
- No change month over month
- 0.9% decline year over year
September 2025 Regional Pending Home Sales
Northeast
- 3.1% increase month over month
- 0.5% increase year over year
Midwest
- 3.4% decrease month over month
- 1.5% decrease year over year
South
- 1.1% increase month over month
- 0.9% increase year over year
West
- 0.2% decrease month over month
- 5.3% decrease year over year
The percent of change in pending home sales is based on the Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on home-contract signings. An index of 100 is equal to the level of contract activity in 2001.
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Tags: home sales, mortgages, real estate, realtors, Small Business
