WASHINGTON--Pending home sales in August increased by 4.0% 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. Year-over-year, sales increased in all regions. August’s REALTORS Confidence Index survey shows that 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% expect an increase in seller traffic, down from 21% last month and up from 18% in August 2024.
"Lower mortgage rates are enabling more home buyers 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."