U.S. Pending Home Sales Index

Explore the latest National Association of Realtors® Pending Home Sales Index, tracking contract activity across the United States. This report provides current and historical data on national housing demand, revealing forward-looking market trends that signal future movements in home sales, pricing, and inventory. View the full PDF for a deeper analysis of how today’s numbers compare to long-term benchmarks and past market cycles.

NAR Pending Home Sales Index – February 19, 2026 Update

The National Association of Realtors® released the January 2026 Pending Home Sales Index at 56.3, up 20.0% from December but down 1.2% year over year. While the month-to-month rebound looks strong at first glance, January typically posts a seasonal bounce, and this year’s increase was actually slightly below the long-term average January gain. The bigger story is the level itself. At 56.3, this is the lowest January reading in more than 25 years and sits nearly 30% below the historical January average of 79.9. The index is benchmarked to 100 as a normalized level of activity, which means today’s contract volume is running at barely over half of what would be considered normal.

In simple terms, housing demand remains in a recessionary environment. Despite stabilization from late 2025’s lows, contract activity has not recovered and continues to operate at historically depressed levels. Higher mortgage rates and affordability constraints are still suppressing buyer activity nationwide. Until financing conditions ease materially or prices adjust further, pending sales are likely to remain well below long-term norms. This report confirms that the housing market is not collapsing further, but it is also not recovering. It is simply moving sideways at the weakest January demand levels in over two decades.

Copyright ©2025“Pending Home Sales.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. May 30, 2025. https://www.nar.realtor/research-and-statistics/housing-statistics/pending-home-sales

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The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Based on information from the Austin Board of REALTORS®. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided "AS IS" and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

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U.S. Pending Home Sales Index

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U.S. Pending Home Sales Index