What did pending home sales look like in June?

With an increase in homes available for potential buyers and a boost in mortgage applications, home sales are expected to increase soon despite a dip in pending home sales for June, according to a report released today by the National Association of REALTORS ® (NAR).

“The data shows a continuation of small declines in contract signings despite inventory in the market increasing,” NAR’s Chief Economist Lawerence Yun said.

But Yun doesn’t see the sales dip lasting. “REALTORS ® are optimistic that homebuying and selling activity will increase. That confidence is supported by the fact that mortgage applications have been rising."

And not every region saw this small sales decline.

In the Northeast, pending home sales rose from the previous month, despite home prices in that region increasing. Yun said, “Pending sales in the Northeast increased incrementally even though home price growth in the region has been the strongest in the country,"

Which regions showed changes in pending home sales?

The Northeast showed an increase in pending sales in June from the previous month, while the South, Midwest and North all saw a decrease in pending sales from May according to the NAR.

The Northeast experienced a 2.1% increase in pending home sales from last month, remaining the same from a year ago.
Signed contracts in the South dipped 0.7% from the previous month, down 2.9% from the previous year.
Pending sales in the Midwest decreased 0.8% from the previous month and decreased 0.9% from the same time last year.
The West saw a drop of 3.9% in pending home sales from the previous month, down 7.3% from a year ago.

With summer in full swing, an increase in mortgage applications could mean more buyers looking to settle down in homes before the cold weather arrives.

Did mortgage rates show any change?

According to data from Freddie Mac, the 30-year fixed rate mortgage averaged 6.74% as of July 24*. That’s down from 6.75% one week before and down from 6.78% one year ago.

Continued progress on mortgage rates cooling off would be a welcome sign to prospective homebuyers. A decrease in mortgage rates could also signal movement in the housing market as we head further into the traditional warm-weather homebuying season.

Are you ready to begin 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 buyers and real estate agents that you’re serious and gives you an idea of how much of a mortgage you’re likely to get approved for.

* National average rates from Freddie Mac as of July 24, 2025, are not advertised rates from Rate.

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