Pending home sales in the US inched up by just 0.3% in mid-Q3, offering a glimpse into the current contract activity. Despite higher mortgage rates, buyers are still stepping forward, encouraged by job gains and improved incomes, though these factors only partly counterbalance the increased pace of home price growth. Year-over-year, contract activity remains about 5% lower, and overall, we’re still seeing national pending sales levels roughly 30% below the more robust pre-pandemic years—a clear sign of how much the market has shifted since 2021, when rates hovered near 3%. As someone who’s spent over four decades helping buyers and sellers navigate each market turn in Palo Alto, Mountain View, Menlo Park, and the surrounding mid-peninsula, I’ve learned that understanding early signals like pending sales is key to making informed real estate decisions. Pending contracts typically close within a month or two, so they remain a valuable early indicator—even though financing or inspections can occasionally push timelines. My approach has always been about keeping clients informed and supported every step of the way, regardless of where the market stands.
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