Pending Home Sales: Great News for Sellers Right Now

Pending home sales in North County and across the country are telling a very different story than the headlines suggest right now. If you have been thinking about listing your home but hesitating because of headlines suggesting buyers have all but disappeared, here is what the data actually shows. There is a meaningful difference between a slow market and a stalled one – and right now this market is the former, not the latter.

Yes, mortgage rates are still higher than most people would like. Homes are not selling as fast as they were. But here is what those headlines are leaving out: despite everything going on, pending home sales figures show a far more resilient market than most sellers realize. More homes are going under contract right now than at the same time in each of the past two years – and that is happening at a time of year when activity usually starts to slow down.

What Pending Home Sales Show Right Now

One of the best ways to measure buyer activity is by tracking pending home sales – homes that have gone under contract but have not yet closed. Think of them as a real-time pulse check on whether buyers are actually buying. Data from HousingWire shows more homes are going under contract right now than at the same time in each of the past two years.

The pending home sales numbers do not mean buyers are everywhere or that every home will fly off the market. But they do mean buyers are still active – and right now we are ahead of where we have been recently. That is encouraging news for sellers because it tells us something important: people have not stopped buying homes. Serious buyers are still making moves.

Many of these buyers are moving because they have decided they simply cannot keep waiting. A growing family, a new job, retirement, or simply the need for a different home – life keeps moving even when rates stay higher than anyone would like. As Lawrence Yun, Chief Economist at the National Association of Realtors, explained, this rise in pending home sales – even with rates holding steady – signals pent-up demand and growing acceptance of above-6% rates as the new normal. As we explored in our post on what drives motivation to move, the reasons people buy rarely wait for the perfect rate environment.

These buyers are not casually browsing. They have spent months waiting for rates to improve and have now decided they cannot wait any longer. That means they have a purpose and a timeline – and that is exactly the kind of motivated buyer sellers want to work with.

What Pending Home Sales Mean for Your Sale

Does this mean every home will sell instantly? No. Today’s market is more balanced than it was a few years ago, and buyers have choices. They are willing to wait for the right home at the right price. That means sellers who price their homes correctly and present them well are still finding real success – while those who overprice are sitting longer. As we covered in our look at the most common pricing mistake sellers make, the gap between what sellers expect and what buyers will pay is one of the most costly errors in today’s market.

The idea that no one is buying right now is simply not supported by the pending home sales data. Buyers are there. The opportunity is there. The key is having the right strategy to capture it. For more context on how the broader market is shaping up, our mid-year housing market update breaks down what shifted and what it means for sellers heading into the second half of the year.

Bottom Line

This year’s housing market may be moving more slowly than most of us hoped. But pending home sales are more resilient than the headlines suggest – and sellers who understand that and position themselves accordingly are the ones finding success.

If you have been wondering whether there are enough buyers for your home in North County, let’s connect and we will look at what is happening in the local market and build a strategy that helps you take advantage of the momentum that is already here.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jess & Co. Real Estate, LLC does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jess & Co. Real Estate, LLC will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.