NAR: Pending Home Sales Flat in September
Pending home sales held steady in September, with the South leading regional gains, NAR said. Inventory hit a five-year high as mortgage rates trended lower.
WASHINGTON — 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.
© 2025 National Association of Realtors® (NAR)