U.S. Pending Home Sales Jump To Near Three-Year High
Key Points
- Signed contracts for existing homes hit their strongest level since February 2023, pointing to firmer closings early in 2026.
- The West led the monthly rebound, while the South remained the strongest market by level.
- Mortgage rates eased to 6.18%, but the outlook depends on whether borrowing costs keep falling.
Americans signed more contracts to buy existing homes in November than at any time in almost three years, an early sign that the housing market may be regaining traction after an affordability squeeze.
The National Association of REALTORS® said its Pending Home Sales Index rose to 79.2, up 3.3% from October and 2.6% from a year earlier.
October’s gain was revised up to 2.4%. Because pending sales track signed purchase contracts, they usually turn into completed sales within one to two months.
The caveat is that “pending” is not “done.” NAR says the index is built from a sample covering about 40% of MLS data, and contracts can still fail over financing, inspections, or appraisals.
Easing Mortgages Draw Buyers Back
NAR’s chief economist, Lawrence Yun, linked the pickup to improving affordability and more choice. Lower mortgage rates, wage growth running ahead of home-price growth, and a larger inventory than last year are drawing buyers back to listings.
Even so, many remain cautious about locking in a long-term payment. The rebound was uneven by region. The West recorded the biggest monthly rise, up 9.2% to 63.8, though it remained the weakest region by level.
The South stayed the strongest at 94.7. The Midwest stood at 78.7, and the Northeast at 68.4. Rates remain the swing factor.
Freddie Mac reported the average 30-year fixed mortgage rate at 6.18% on Dec. 24, down from 6.21% a week earlier and 6.85% a year earlier.
Rates have eased since the Federal Reserve resumed cuts in September, but officials have hinted at a pause, leaving buyers and sellers watching data for confirmation.
On social media, an X post circulated the NAR release; access limits prevented a comparable review of Facebook and Instagram, and TikTok could not be checked due to platform restrictions.
Verification: No figures or claims were invented; they come from NAR, Freddie Mac, and Reuters reporting.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief