W
ASHINGTON (Oct 29, 2025) – September’s pending home sales, per the National Association of REALTORS® (NAR) Pending Home Sales Report, were unchanged from August but fell 0.9 % versus a year earlier. The index tracks contracts signed but not yet closed, offering a forward‑looking view of market activity.
Regional shifts: the Northeast rose 3.1 % MoM and 0.5 % YoY; the South gained 1.1 % MoM and 0.9 % YoY; the Midwest fell 3.4 % MoM and 1.5 % YoY; the West slipped 0.2 % MoM and 5.3 % YoY.
In the NAR Confidence Index, 20 % of members expect increased buyer traffic in the next three months—up from 19 % last month and down from 21 % a year ago—while 19 % foresee more seller activity, unchanged from August but slightly below last year’s 20 %.
Chief Economist Lawrence Yun noted that contract signings matched the second‑strongest pace of the year, yet the market still lags behind a healthy baseline despite mortgage rates hitting a one‑year low. “Record‑high equity and a booming stock market haven’t offset a likely softening labor market,” Yun said. Inventory has reached a five‑year high, expanding buyer choices and price leverage. Mortgage rates are trending toward three‑year lows, which should boost affordability, though a government shutdown could temporarily dampen sales.
Pending Home Sales Index (PHSI) – a leading indicator based on 40 % of MLS data – equates 100 to 2001 activity. The index predicts that pending contracts align closely with closed sales two months later, though timing varies due to financing, inspection, or appraisal issues.
About NAR: The association covers residential and commercial real estate. A REALTOR® is a member who adheres to the NAR Code of Ethics. Consumer guides on buying and selling are available at facts.realtor.
Upcoming releases: Existing‑Home Sales for October will be posted on Nov 20; the next Pending Home Sales Index on Nov 25, both at 10 a.m. ET. For the full statistical schedule, visit NAR’s website.
