Housing Snapshot: Pending Home Sales - July 2025

Pending home sales declined slightly in July, with the national index falling to 71.7, representing a 0.4% month-over-month (MoM) decrease, according to the National Association of REALTORS® (NAR). Regionally, the South saw a relatively stable performance with an index of 86.1, down just 0.1%. The Midwest experienced the steepest decline, with its index dropping 4.0% to 70.2. The Northeast also saw a modest dip of 0.6%, bringing its index to 64.3. In contrast, the West recorded a notable increase of 3.7%, reaching an index of 56.3. NAR's Chief Economist Dr. Lawrence Yun noted, "Even with modest improvement in mortgage rates, housing affordability, and inventory, buyers still remain hesitant."