Pending US home sales fall 7.3 percent to record low

Pending home sales in the United States fell 7.3 percent in September from August and 11.3 percent from a year earlier, the National Association of Realtors said on Tuesday, a drop MarketWatch put at the lowest level in the index's history as the average 30 year mortgage rate crossed 7 percent.

Why it matters: Pending sales lead closed sales by one to two months, so the September collapse points to weak October and November closings and keeps housing, the most rate sensitive part of the economy, in a deep freeze while mortgage rates stay above 7 percent.

Data as of National Association of Realtors Pending Home Sales report for September 2026, released October 20, 2026 and read in full at nar.realtor; the record low framing and the 7 percent mortgage rate crossing are from MarketWatch, October 20, 2026. Developing item.

Contract signings to buy existing homes fell in every region, the National Association of Realtors said, led by the West, down 9.2 percent on the month and 15.0 percent on the year, followed by the South, the Midwest and the Northeast. “Market conditions weakened in September due to fast-rising mortgage rates,” NAR chief economist Lawrence Yun said, adding that buyers and sellers may simply be holding back until mortgage rates move favorably, while the limited number of distressed properties is keeping prices steady.

Pending US home sales fall 7.3 percent to record low

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