US pending home sales were unchanged in September 2025, following an upwardly revised 4.2% surge in August and missing market expectations of a 1.6% increase. Gains in the Northeast (+3.1%) and South (+1.1%) were offset by declines in the Midwest (-3.4%) and West (-0.2%). “Contract signings matched the second-strongest pace of the year,” said NAR Chief Economist Lawrence Yun. “However, signings have yet to reach the level needed for a healthy market despite mortgage rates falling to a one-year low. A record-high stock market and growing housing wealth in September were not enough to offset a likely softening job market.” Yun added that inventory has climbed to a five-year high, giving buyers more choices and greater room for price negotiation. “Looking ahead, mortgage rates are trending toward three-year lows, which should further improve affordability, though the government shutdown could temporarily slow home sales activity,” he said. On a yearly basis, pending home sales fell 0.9%.