Pending home sales remained unchanged in September 2025, reflecting stability in the U.S. housing market after recent months of mixed activity, according to the National Association of Realtors’ latest Pending Home Sales Report. The data, which measure transactions where a contract has been signed but not yet closed, serve as a key forward-looking indicator of housing market trends nationwide. Compared with a year earlier, pending home sales slipped 0.9%, showing modest cooling but overall resilience in buyer demand despite economic uncertainty.
Regional trends painted a mixed picture. The Northeast and South posted modest gains in contract signings, while the Midwest and West registered declines. Pending home sales in the Northeast rose 3.1% from August and 0.5% from a year earlier. In the South, they climbed 1.1% month-over-month and 0.9% year-over-year. Meanwhile, the Midwest fell 3.4% for the month and 1.5% annually, and the West saw a 0.2% monthly decline with a 5.3% annual drop.
NAR’s September 2025 Realtor Confidence Index revealed a slight improvement in buyer sentiment, with 20% of agents expecting higher buyer traffic in the coming three months, up from 19% in August. However, that number remains below the 21% reported last year. Seller expectations were unchanged at 19%, still lower than the 20% seen in September 2024, suggesting cautious optimism among both buyers and sellers as mortgage conditions improve.
“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 added that housing inventory levels have climbed to a five-year high, offering more opportunities for buyers and greater room for price negotiation. “Looking ahead, mortgage rates are trending toward three-year lows, which should further improve affordability,” he said. “However, the government shutdown could temporarily slow home sales activity.”
