What did pending home sales look like in March 2026?
Signed contracts for homes for sale in February increased in two of four regions of the nation compared to February, and some markets even experienced price reductions, a report released today by the National Association of REALTORS® (NAR) said.
“Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand,” NAR Chief Economist Lawrence Yun said. “A greater supply of inventory will help translate that demand into more home sales.”
March saw a 1.5% month-over-month increase in pending home sales over all regions tracked by the NAR, while year-over-year saw an overall 1.1% decrease in those same regions.
Pending home sales are indicators of the direction of the housing market in general based on purchase contracts signed for homes for sale.
Which regions showed changes in pending home sales?
Two of the four regions the NAR tracks in the U.S. showed increases in pending sales in March from the previous month, with one region showing increases in pending home sales compared to the same time last year.
- Signed contracts in the South rose 3.9% from the previous month and increased 2.3% from February 2025.
- The Northeast experienced a 4.4% increase in pending home sales from last month and 6.5% decrease from last year.
- Pending sales in the Midwest dipped 1.3% from January and decreased 3.1% from the same time last year.
- The West saw a decrease in pending home sales from the previous month at 2.6% and a 1.7% decrease from a year ago.
“A good number of markets in the South experienced price cuts over the past year but recorded the strongest job growth,” Yun said. “That combination should lead to stronger housing market activity in the South this year.”
One factor that could contribute to the dip in pending home sales could be the slight rise in mortgage rates. While earlier this year mortgage rates hit a three-year low, they have slowly crept back up since then with changes in the overall economy.
“Demand sensitivity to mortgage rates is greatest among first-time buyers, particularly younger buyers,” Yun added.
Seasoned homebuyers know that you purchase the home, not the mortgage rate, meaning that finding the right home should be the most important factor. Homeowners can always change their mortgage rate with a refinance when rates drop.
Did mortgage rates show any change?
According to data from Freddie Mac, the 30-year fixed rate mortgage averaged 6.3% as of April 16*. That’s a drop from 6.37% one week ago and down considerably from 6.83% one year ago.
The cooler months of winter tend to see fewer potential buyers in the market, typically allowing those shopping during this time more negotiating power. If you are looking for a deal, now may be the time to consider joining the housing market before the spring buying season gets into full swing.
Are you ready to start the homebuying process? Start by applying for a mortgage pre-approval and begin your journey toward your dream home with Rate! A pre-approval shows sellers and real estate agents that you’re serious and gives you an idea of how much of a mortgage you’re likely to be approved for.
* National average rates from Freddie Mac as of April 16, 2026, are not advertised rates from Rate.
