W
ASHINGTON (Dec. 29, 2025) – Pending home sales for November rose 3.3% from October and 2.6% from a year earlier, per the National Association of REALTORS® 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.

    All four regions saw gains: the Northeast up 1.8% MoM and 1.8% YoY; the Midwest 1.3% MoM, 2.2% YoY; the South 2.4% MoM, 3.3% YoY; and the West a sharp 9.2% MoM, 2.4% YoY.

    The REALTORS® Confidence Index survey revealed that 22% of members anticipate more buyer traffic in the next three months, up from 17% in October but down from 24% a year ago. Seller traffic expectations rose to 18% from 16% last month, though they are 4 percentage points lower than last year’s 22%.

    “Homebuyer momentum is building,” said NAR Chief Economist Lawrence Yun. “After adjusting for seasonality, November shows the strongest performance of the year and the best in nearly three years, since February 2023. Lower mortgage rates and wage growth outpacing home prices are improving affordability, while a larger inventory is drawing more buyers.”

    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 contract activity level of 2001, the first year in the series. Pending contracts typically close within one to two months, though delays can arise from financing, inspections or appraisals.

    The NAR, which represents residential and commercial real estate professionals, requires members to adhere to a strict Code of Ethics. Consumer guides on buying and selling are available at facts.realtor.

    Existing‑home sales for December will be released on Jan. 14, and the next PHSI will be published on Jan. 21, both at 10 a.m. Eastern. For the full statistical release schedule, visit the NAR website.