What did pending home sales look like in September?
Across the nation, pending home sales in September showed no change compared to August, according to a report released today from the National Association of REALTORS®. This means that there is a larger number of homes on the market for perspective buyers.
"Inventory has climbed to a five-year high, giving homebuyers more options and room for price negotiation," NAR Chief Economist Lawrence Yun said.
September did notice an increase in pending home sales across two regions, but an overall decrease of 0.9% compared to the same time last year. “A record-high stock market and growing housing wealth in September were not enough to offset a likely softening job market,” Yun said.
Pending home sales are indicators of the direction of the housing market in general based on purchase contracts signed for homes for sale.
Which regions showed changes in pending home sales?
Two of the four regions the NAR tracks in the U.S. showed increases in pending sales in September from the previous month, with two regions showing an increase in pending home sales compared to the same time last year.
- The Northeast experienced a 3.1% increase in pending home sales from last month and increased 0.5% from last year.
- Signed contracts in the South grew 1.1% from the previous month, up 0.9% from September 2024.
- The West saw a slight decrease of 0.2% in pending home sales from the previous month and dropped 5.3% from a year ago.
- Pending sales in the Midwest dropped 3.4% from August and dipped 1.5% from the same time last year.
Regarding the month’s pending home sales, Yun said: "Contract signings matched the second-strongest pace of the year. However, signings have yet to fully reach the level needed for a healthy market despite mortgage rates reaching a one-year low.”
Yun indicated he feels positive about the future, saying, "Looking ahead, mortgage rates are trending toward three-year lows, which should further improve affordability, though the government shutdown could temporarily slow home sales activity."
Did mortgage rates show any change?
According to data from Freddie Mac, the 30-year fixed rate mortgage averaged 6.19% as of Oct. 23*. That’s down from 6.27% one week ago and down from 6.46% one year ago.
With summer over and mortgages rates at one of the lowest points of the year, it might be time to consider joining the market before rates rise and temperatures drop.
Are you ready to start the homebuying process? Start by applying for a mortgage pre-approval and begin your journey toward your dream home with Rate! A pre-approval shows sellers and real estate agents that you’re serious and gives you an idea of how much of a mortgage you’re likely to get approved for.
* National average rates from Freddie Mac as of Oct. 23, 2025, are not advertised rates from Rate.
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