W
ASHINGTON – August pending home sales rose 4.0 % from July and 3.8 % from a year earlier, per the National Association of REALTORS® (NAR) Pending Home Sales Report. The data, which tracks contracts signed but not yet closed, gives agents, buyers and sellers a forward‑looking view of market activity.
Regional trends: the Midwest, South and West all saw month‑over‑month gains, while the Northeast slipped 1.1 %. Year‑over‑year, every region grew, with the Midwest up 6.7 % and the West up 0.2 %.
In the NAR Confidence Index survey, 19 % of members anticipate more buyer traffic in the next three months—up from 16 % last month but unchanged from a year ago. An equal 19 % expect increased seller traffic, down from 21 % in July but up from 18 % in August 2024.
“Lower mortgage rates are enabling more buyers to enter contracts,” said NAR Chief Economist Lawrence Yun. “In the Midwest, the combination of low rates and strong affordability is drawing more buyers than in other regions.”
Key figures (August 2025)
| Region | MoM change | YoY change |
|--------|------------|------------|
| Northeast | –1.1 % | +2.6 % |
| Midwest | +8.7 % | +6.7 % |
| South | +3.1 % | +4.2 % |
| West | +5.0 % | +0.2 % |
The Pending Home Sales Index (PHSI) is a leading indicator based on about 40 % of MLS data each month. An index of 100 equals the average contract activity in 2001, the year used as the baseline.
Upcoming releases: existing‑home sales for September will be announced on October 23; the next PHSI will drop on October 29, both at 10 a.m. Eastern.
