According to the National Association of REALTORS (NAR) Pending Home Sales Report, pending home sales decreased by 2.3% month-over-month in July 2026. Year-over-year, pending home sales decreased by 2.2%. The Midwest, however, experienced growth in pending home sales, with a 1.7% increase year-over-year.
NAR Chief Economist Lawrence Yun said that there is still hope for the coming years.
“Job gains should bring more buyers into the market, especially if mortgage rates stabilize or decline, though that impact takes time to show up,” said Yun. “Right now, pending contracts are 30% below their pre-pandemic 2019 level, while payroll employment is 5% above. That gap points to sizable pent-up demand that should be unleashed in the coming years as more supply reaches the market and affordability improves.”
