W
ASHINGTON (Nov. 25, 2025) – October’s pending home sales rose 1.9 % from September but slipped 0.4 % from a year earlier, per the National Association of REALTORS® (NAR) Pending Home Sales Report. The report tracks contracts signed for existing‑home sales, offering a forward‑looking gauge of market activity.
**Regional performance (Oct.)**
- Northeast: +2.3 % MoM, –1.0 % YoY
- Midwest: +5.3 % MoM, +0.9 % YoY
- South: +1.4 % MoM, +2.0 % YoY
- West: –1.5 % MoM, –7.0 % YoY
The NAR Confidence Index survey shows 17 % of members anticipate increased buyer traffic in the next three months (down from 20 % in September and 19 % a year ago). Seller traffic expectations are 16 % (down from 19 % last month and 19 % in Oct. 2024).
Chief Economist Lawrence Yun noted, “The Midwest outperformed other regions thanks to better affordability, while contract signings fell in the pricier West. Days on market typically lengthen from November through February, giving buyers more negotiating power during the holiday season. September’s job gains, following the data blackout, are reassuring and suggest the economy is not slipping into recession, which may boost confidence in future homebuying.”
**Pending Home Sales Index (PHSI)**
The PHSI is a leading indicator based on pending contracts, with an index of 100 representing the 2001 level of contract activity. About 40 % of MLS data are sampled each month, and the index has shown a strong correlation with closed sales in the following two months. Pending contracts are usually finalized within one to two months, though delays can arise from financing, inspection, or appraisal issues.
**Upcoming releases**
- Existing‑home sales for November: Dec. 19
- Next PHSI: Dec. 29 (both at 10 a.m. ET)
**About NAR**
The National Association of REALTORS® engages in all aspects of residential and commercial real estate. A REALTOR® is a licensed professional who is a member of NAR and adheres to its Code of Ethics. Consumer guides on buying and selling are available at facts.realtor.
