Pending home sales in the United States declined by 0.8% in January compared to the previous month and dropped 0.4% year-over-year, according to the National Association of Realtors (NAR) Pending Home Sales Report released on February 19, 2026. The report tracks contracts signed for existing homes that have not yet closed.
Regionally, pending home sales increased month-over-month in the Midwest and West but fell in the Northeast and South. Over the past year, sales rose in the South and West while declining in the Northeast and Midwest.
NAR Chief Economist Dr. Lawrence Yun commented on current market conditions: “Improving affordability conditions have yet to induce more buying activity. With mortgage rates nearing 6%, an additional 5.5 million households that could not qualify for a mortgage one year ago would qualify at today’s lower rates. Most newly qualifying households do not act immediately, but based on past experience, about 10% could enter the market—potentially adding roughly 550,000 new homebuyers this year compared with last year.”
Yun also addressed concerns about housing supply: “Unless housing supply increases, these additional potential buyers becoming active in the market could simply push up home prices. This will put increasing pressure on affordability, which is why it is critical to increase supply by building more homes. Fortunately, the House of Representatives recently passed the Housing for the 21st Century Act with strong bipartisan support, an important signal that addressing the nation’s housing shortage remains a shared priority. The legislation is a meaningful step toward expanding housing supply and removing barriers that make it harder for Americans to achieve homeownership.”
In January 2026, national pending home sales showed a slight decrease both month-over-month (0.8%) and year-over-year (0.4%). Regional data revealed a mixed picture:
- Northeast: Down 5.7% from December; down 8.3% from January last year
- Midwest: Up 5% from December; down 3.3% from last year
- South: Down 4.5% from December; up 4% from last year
- West: Up 4.3% from December; up slightly by 0.3% over last year
Among major metropolitan areas, Phoenix–Mesa–Chandler (AZ), Boston–Cambridge–Newton (MA-NH), Charlotte–Concord–Gastonia (NC-SC), San Francisco–Oakland–Fremont (CA), Oklahoma City (OK), St. Louis (MO-IL), Virginia Beach–Chesapeake–Norfolk (VA-NC), San Diego–Chula Vista–Carlsbad (CA), San Antonio–New Braunfels (TX), and Miami–Fort Lauderdale–West Palm Beach (FL) recorded notable annual gains in pending sales.
The NAR functions as a leading trade association for real estate professionals across residential and commercial sectors according to its official website. It supports diversity and inclusion within its membership base of around 1,200 local boards and over fifty state associations as stated online. The organization provides resources such as research, statistics, advocacy efforts, education programs, and news updates for its members. NAR also works to empower professionals to preserve property rights and maintains headquarters in Chicago with an office in Washington D.C.
The Pending Home Sales Index is considered a leading indicator for future closed sales of existing homes.
Existing-home sales data for February will be released March 10; updated pending home sales figures are expected March 17.
