NAR pending home sales index falls to record low in September

Pending homes sales fell sharply in September according to data released Tuesday by the National Association of Realtors (NAR). After rising 0.3% month-over-month in August, NAR’s Pending Home Sales Index dropped 7.3% in September to a reading of 66.0. September’s reading is the lowest in the history of the index. Year-over-year, the index was down 11.3%. NAR’s chief economist Lawrence Yun attributed the decline to “fast-rising mortgage rates.” “Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates,” Yun added, “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. Despite the difficulty of obtaining a mortgage, the limited number of distressed properties is ensuring steady home prices. Buyers and sellers may simply be holding back until mortgage rates move favorably.” HousingWire Data, which utilizes more up-to-date data than NAR’s index, shows that the number of new pending single family home sales for the week ending Oct. 16, 2026 was 51,947 homes, down 13.1% compared to a year ago. Regionally, NAR’s data ...