NAR Pending Home Sales Report Shows No Change in September
Month-over-month and year-over-year pending home sales rose in the Northeast and South but declined in the Midwest and West.
MARKET CONDITIONSPENDING HOME SALES
NAR Pending Home Sales Report Shows No Change in September
National Association of REALTORS®, Media Relations | October 29, 2025
Month Over Month
No change in pending home sales
Gains in the Northeast and South; declines in the Midwest and West
Year Over Year
0.9% decrease in pending home sales
Gains in the Northeast and South; declines in the Midwest and West
WASHINGTON (October 29, 2025) – 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.
"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.
About the National Association of REALTORS®
The National Association of REALTORS® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.
The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.