Pending Home Sales Hit Highest Level in Years: What it Means
Summary
Pending home sales in the U.S. rose to their highest level since September 2022, showing signs of increased market activity in early May 2026. This increase happened alongside a small drop in the typical monthly mortgage payment, which has encouraged some buyers to return despite higher home prices.Key Facts
- Pending home sales increased by 7.7% compared to the same period in 2025, reaching 340,101 sales in early May 2026.
- The median home sale price rose by 1.9% from 2025 to $394,803.
- The median monthly mortgage payment dropped by 2.2% to $2,606 at a 6.3% mortgage interest rate.
- Mortgage rates had recently peaked at 6.46% before declining slightly.
- The biggest sales increases were in Chicago (19.2%), Pittsburgh (16.5%), San Francisco (15.2%), Miami (15%), and Austin (14.6%).
- Sales decreased in Houston, Detroit, Seattle, and Warren, Michigan, mainly due to affordability and local price trends.
- The typical U.S. home took 43 days to go under contract, three days longer than a year ago, showing slower market competition.
- Only 26.4% of homes sold above asking price, the lowest rate for this spring season in at least five years.
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