NAR: Northeast Pending Home Sales Rose 2.1% in May
WASHINGTON—Pending home sales increased by 1.8% in May from the prior month and 1.1% year-over-year, according to the National Association of Realtors Pending Home Sales report released earlier today (June 26.)
All four U.S. regions experienced month-over-month increases—most notably the West. Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West.
“Consistent job gains and rising wages are modestly helping the housing market,” said NAR Chief Economist Lawrence Yun. “Hourly wages are increasing faster than home prices. However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains.”
Regarding regional differences, Yun added, “The Northeast's housing shortage is boosting home prices, with more than a quarter of homes selling above list price. Conversely, more inventory in the South gives home buyers greater negotiation power. Price declines in the South should be considered temporary given the region's strong job creation.”
May 2025 Regional Snapshot
Northeast
2.1% month-over-month increase.
0.5% year-over-year decrease.
Midwest
0.3% month-over-month increase.
2.6% year-over-year increase.
South
1.0% month-over-month increase.
2.0% year-over-year increase.
West
6.0% month-over-month increase.
1.2% year-over-year decrease.
