Pending home sales held steady in September 2025, showing no change from August and slipping 0.9% from a year earlier, according to the National Association of Realtors’ latest Pending Home Sales Report. The data, which track transactions where a contract has been signed but not yet closed, serve as a key forward-looking indicator for housing market activity across the United States.
Regional trends were mixed. The Northeast and South saw modest gains in contract signings, while the Midwest and West registered declines. Pending sales in the Northeast rose 3.1% from August and were up 0.5% year over year. In the South, they climbed 1.1% from the prior month and 0.9% from September 2024. The Midwest posted a 3.4% monthly drop and a 1.5% annual decline, while the West fell 0.2% month over month and 5.3% year over year.
NAR’s September 2025 Realtor Confidence Index showed a slight uptick in expectations for buyer activity, with 20% of members anticipating an increase in buyer traffic over the next three months, up from 19% in August. That figure was down marginally from 21% a year earlier. Nineteen percent of respondents expect more sellers to enter the market, unchanged from the prior month but below the 20% level seen last year.
“Contract signings matched the second-strongest pace of the year,” said Lawrence Yun, NAR’s chief economist. “However, signings have yet to reach the level needed for a healthy market despite mortgage rates reaching a one-year low. A record-high stock market and growing housing wealth in September were not enough to offset a likely softening job market.”
Yun noted that inventory levels have risen to a five-year high, providing more options for buyers and room for price negotiation. “Looking ahead, mortgage rates are trending toward three-year lows, which should further improve affordability,” he added. “However, the government shutdown could temporarily slow home sales activity.”
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