US Pending Home Sales Unexpectedly Fall

2026-08-18 14:08 By Luisa Carvalho 1 min. read

US pending home sales fell by 2.3% month-over-month in July 2026, following a downwardly revised 4.8% decline in June and against market forecasts of a 0.3% rise.

This marked the second consecutive monthly decrease, with contract signings falling across all four major regions: the West (-4.7%), the South (-2.2%), the Northeast (-2%) and the Midwest (-0.7%).

Compared with a year earlier, pending home sales dropped by 2.2%, as declines across the West (-7.1%), the South (-3%) and the Northeast (-0.2%) offset stronger activity in the Midwest (1.7%).

NAR Chief Economist Lawrence Yun said elevated mortgage rates and record home prices continue to weigh on housing demand, reducing contract signings and keeping homes on the market longer.

While stronger employment could help bring buyers back if mortgage rates ease, the adjustment is likely to be gradual.

He noted that pending contracts remain 30% below pre-pandemic 2019 levels while payroll employment is 5% above.



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US Pending Home Sales Unexpectedly Fall
US pending home sales fell by 2.3% month-over-month in July 2026, following a downwardly revised 4.8% decline in June and against market forecasts of a 0.3% rise. This marked the second consecutive monthly decrease, with contract signings falling across all four major regions: the West (-4.7%), the South (-2.2%), the Northeast (-2%) and the Midwest (-0.7%). Compared with a year earlier, pending home sales dropped by 2.2%, as declines across the West (-7.1%), the South (-3%) and the Northeast (-0.2%) offset stronger activity in the Midwest (1.7%). NAR Chief Economist Lawrence Yun said elevated mortgage rates and record home prices continue to weigh on housing demand, reducing contract signings and keeping homes on the market longer. While stronger employment could help bring buyers back if mortgage rates ease, the adjustment is likely to be gradual. He noted that pending contracts remain 30% below pre-pandemic 2019 levels while payroll employment is 5% above.
2026-08-18
US Pending Home Sales Post Biggest Drop in Six Months
US pending home sales fell 5.4% month-over-month in June 2026, ending a four-month streak of gains and marking the sharpest decline since December 2025. The drop was far steeper than market expectations for a 0.5% decline, with contract signings falling across all four major regions: the Northeast (-3.0%), Midwest (-8.9%), South (-4.1%), and West (-4.7%). Compared with a year earlier, pending home sales slipped 0.3%, reflecting weakness in the South and West. According to NAR Chief Economist Lawrence Yun, the combination of the highest mortgage rates in nearly a year and record-high home prices continues to weigh on affordability, particularly for first-time buyers, although a strong labor market should help support housing demand. The NAR also noted that pending sales reflect signed contracts rather than completed transactions, meaning they are only an indication of future home sales.
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US pending home sales surged 3.8% month-over-month in May 2026, following a downwardly revised 0.3% rise in April and exceeding market expectations of 0.8%. This marked the steepest monthly increase since September 2024, with gains across all regions: Northeast (+8.7%), Midwest (+8.1%), South (+1.0%), and West (+0.7%). Year-over-year, pending home sales rose 4.8%. NAR Chief Economist Dr. Lawrence Yun noted that a late spring buyer rush, even with mortgage rates holding steady above 6%, signals pent-up housing demand and growing acceptance of higher rates as the new normal. “The inventory-constrained Northeast region, which has seen faster home price growth but slower home sales for several months, is now showing more buyer contract signings. More supply is needed to help moderate home price growth,” he added.
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