Pending Home Sales Declined 7.3% in September

Washington, DC, October 20, 2026—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. 

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.”