In November, the number of pending home sales hit a record high for 2025, a sign that homebuyer confidence is increasing in response to factors such as increasing affordability and inventory.
Homebuyers entered the market with increased confidence in November, giving pending home sales a welcome boost in this year’s final report from the National Association of Realtors.
Pending home sales increased 3.3% month-over-month and 2.6% year-over-year, the best showing among pending home sales in 2025 when seasonality is taken into account. By region, the number of pending home sales increased both monthly and annually in all four major regions of the country.
This move by buyers is also giving real estate agents new confidence. 22% of NAR members believe buyer traffic will increase in the next three months, up from 17% in October. However, this number is down from the 24% of NAR members who thought traffic would increase during the same period last year.
Lawrence Yun
On the seller side, 18% of NAR members believe seller activity will increase, up from 16% the previous month and down from 22% a year ago.
“Momentum for homebuying is increasing,” NAR Chief Economist Lawrence Yun said in a statement. “The data shows the strongest performance this year when seasonal factors are taken into account, and the best performance in nearly three years going back to February 2023. Improving home affordability, with lower mortgage rates and wage growth outpacing home prices, is helping buyers test the market. More inventory choices compared to last year are also drawing more buyers to the market.”
In the last week of this year, the average interest rate on a 30-year fixed-rate mortgage fell to 6.15%, hitting its lowest level in 2025, according to Freddie Mac.
The largest month-over-month increase in pending home sales was in the West, where pending home sales increased by 9.2% month-over-month and 2.4% year-over-year.
In the South, pending home sales increased 2.4% from October 2025 and 3.3% from November 2024.
The Midwest and Northeast saw slower growth, with the Midwest increasing by 1.3% on a monthly basis and 2.2% on an annual basis. In the Northeast, pending sales increased by 1.8% on a monthly and annual basis.
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