Pending home sales in September decreased by 7.3% month-over-month and 11.3% year-over-year, according to the National Association of REALTORS® Pending Home Sales report. The report helps the real estate ecosystem—including agents, homebuyers and sellers—better understand the housing market by providing data on the level of home sales under contract.
Month-over-month pending home sales declined in all four major U.S. regions. The West had the largest decrease, followed by the South, Midwest and Northeast. Year-over-year pending home sales also declined in all four regions.
“Market conditions weakened in September due to fast-rising mortgage rates,” said NAR Chief Economist Dr. Lawrence Yun. “Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates.”
“Given that mortgage rates have already risen much more than the Federal Reserve’s short-term interest rate hikes, mortgage rates could be topping out,” Yun said. “However, increasing energy prices and the resulting inflationary pressure are highly uncertain.”
“Despite the difficulty of obtaining a mortgage, the limited number of distressed properties is ensuring steady home prices,” Yun added. “Buyers and sellers may simply be holding back until mortgage rates move favorably.”
September 2026 National Pending Home Sales
- 7.3% decrease month-over-month
- 11.3% decrease year-over-year
September 2026 Regional Pending Home Sales
Northeast
- 4.2% decrease month-over-month
- 9.4% decrease year-over-year
Midwest
- 6.5% decrease month-over-month
- 8.7% decrease year-over-year
South
- 8.2% decrease month-over-month
- 12.0% decrease year-over-year
West
- 9.2% decrease month-over-month
- 15.0% decrease year-over-year
At the local level, pending home sales fell year-over-year even in the strongest markets. Among the 50 largest metro areas, the following 10 markets posted the smallest annual declines in pending home sales, according to data from Realtor.com® Economics:
-
Nashville-Davidson-Murfreesboro-Franklin, TN (-2.0%)
- Hartford-West Hartford-East Hartford, CT (-2.1%)
- San Francisco-Oakland-Fremont, CA (-3.5%)
- San Jose-Sunnyvale-Santa Clara, CA (-4.6%)
- Buffalo-Cheektowaga, NY (-5.6%)
- Richmond, VA (-5.8%)
- Austin-Round Rock-San Marcos, TX (-5.9%)
- Pittsburgh, PA (-6.2%)
- Memphis, TN-MS-AR (-6.3%)
- San Antonio-New Braunfels, TX (-7.1%)
About the National Association of REALTORS®
The National Association of REALTORS® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes—from written buyer agreements to negotiating compensation—visit facts.realtor.