Pending Home Sales Increase 4.0% in August

(Illustration credit: National Association of Realtors)

Pending home sales increased by 4.0% in August from the prior month and rose 3.8% year-over-year, according to the National Association of Realtors Pending Home Sales Report.

Pending sales rose month-over-month in the Midwest, South, and West and declined in the Northeast, the report noted. Year-over-year, sales increased in all regions.

“Lower mortgage rates are enabling more home buyers to go under contract,” NAR Chief Economist Lawrence Yun said. “In the Midwest, low mortgage rates combined with high levels of affordability are attracting more buyers compared to other regions.”

The report said 19% of NAR members expect an increase in buyer traffic over the next three months, up from 16% last month and unchanged from one year ago. Meanwhile, 19% said they expect an increase in seller traffic, down from 21% last month and up from 18% in August 2024.