Pending home sales increased in September to their highest level since March, according to new data from the National Association of Realtors released Wednesday. Pending sales were up 7.4% last month.

What You Need To Know

  • Pending home sales increased in September to their highest level since March, according to new data from the National Association of Realtors released Wednesday

  • Pending sales were up 7.4% last month

  • The median existing-home price in September was $404,500

  • While all four major parts of the country saw gains, the West saw the biggest increase in pending sales; they were up 9.8% in September compared with August

“Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices,” NAR Chief Economist Lawrence Yun said in a statement. “Further gains are expected if the economy continues to add jobs, inventory levels grow and mortgage rates hold steady.”

Yun expects existing-home sales to increase over the next two years, to 4.47 million in 2025 and more than 5 million in 2026.

“Expect a slower rate of growth in home prices that’s roughly in line with the consumer price index because of additional supply reaching the market," he said.

The median existing-home price is expected to increase to $410,700 in 2025 and to $420,000 in 2026, while the average annual rate on a 30-year fixed mortgage is expected to drop to 5.9% next year. 

The median existing-home price in September was $404,500. The current rate on a 30-year fixed-rate mortgage is 7.03%, according to Mortgage News Daily.

While all four major parts of the country saw gains, the West saw the biggest increase in pending sales. They were up 9.8% in September compared with August.