Pending home sales in the U.S. edged up a modest 0.3% in mid-Q3, reflecting a bit of renewed contract activity—though it’s still about 5% lower than last year, as many buyers continue to navigate higher mortgage rates. Despite the increased borrowing costs, job gains and stronger incomes are helping some buyers keep pace with rising home prices. Nationally, contract signings remain about 30% below pre-pandemic levels—a reminder of how much the rhythm of our market has changed since the 2021 surge, when mortgage rates dipped near 3%. As someone who’s helped clients through both those boom times and today’s more measured pace, I always keep a close eye on pending sales as an early indicator of what’s next. These contracts, which usually close within a month or two, offer valuable insights on upcoming sales activity—even if financing or inspections sometimes stretch out the timeline.
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