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In August 2025, Pending sales rose month-over-month in the Midwest, South, and West, and declined in the Northeast. Year-over-year, sales increased in all regions.
According to NAR Chief Economist Lawrence Yun, "Lower mortgage rates are enabling more homebuyers to go under contract. In the Midwest, low mortgage rates combined with high levels of affordability are attracting more buyers compared to other regions."
Next release: Pending Home Sales for September 2025 will be released on Wednesday, October 29, 2025 at 10 a.m. Eastern.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.