Pending home sales during August marked a 4% month-over-month uptick and a 3.8% year-over-year increase, according to data from the National Association of Realtors (NAR).
Regionally, pending sales rose month-over-month in the Midwest, South, and West but declined in the Northeast. Year-over-year, sales increased in all regions.
NAR also noted that August edition of its Realtors Confidence Index survey found 19% of the organizations members expected an increase in buyer traffic over the next three months, up from 16% last month and unchanged from one year ago. Meanwhile, 19% expect an increase in seller traffic, down from 21% last month and up from 18% in August 2024.
“Lower mortgage rates are enabling more homebuyers to go under contract,” said NAR Chief Economist Lawrence Yun. “In the Midwest, low mortgage rates combined with high levels of affordability are attracting more buyers compared to other regions.”
