Pending home sales in October rose 1.9% month over month but slipped 0.4% year over year, according to the National Association of REALTORS® Pending Home Sales Report. 

By region, pending sales declined in the West on a monthly basis but rose in the Midwest, Northeast and South. Year-over-year, sales increased in the Midwest and South and decreased in the Northeast and West. 

“The Midwest shined above other regions due to better affordability, while contract signings retreated in the more expensive West region,” NAR Chief Economist Lawrence Yun said. “Days on the market typically lengthen from November through February, providing better negotiating power to buyers during the holiday season. 

October’s Realtors Confidence Index survey found that 17% of Realtors expect an increase in buyer traffic over the next three months, down from 20% in September and 19% a year ago, while 16% expect an increase in seller traffic, down from 19% in September and 19% in October 2024. 

“October’s report fits neatly into a broader pattern,” First American Deputy Chief Economist Odeta Kushi said. “Existing-home sales have now logged four consecutive months of year-over-year growth. Mortgage rates are on track to fall for a fifth straight month, and the monthly mortgage payment on the median-priced existing home in October was the lowest it has been all year. Buyers are responding —purchase mortgage application data from November point to additional momentum ahead as rate relief improves what households can afford.”