Right now, this is a
Seller's Market
Sellers have the advantage right now. Homes are selling in about 4 weeks. If you're buying, expect competition. If you're selling, this is a good time to list.
Overall moves are running far below normal — about 24% below the usual pace — because rate lock-in keeps most owners from listing at all. But what little does come up for sale gets fought over hard by buyers who still need to move. That combination is what "Seller's Market" means here: not booming, just tight. See the full mobility picture →
Contracts signed in August 2026 rose 0.3% from the prior month but remained 4.7% below a year earlier. Most signed contracts close within two months, which points toward stronger sales in the numbers above by around October.
Every region is below a year ago. West has the largest decline at −6.7%, while South has the smallest at −3.8%.
- West55.9 −6.7% yr/yr
West is 6.7% below a year ago. This is the weakest year-over-year reading of the four regions.
- Northeast59.0 −3.9% yr/yr
Northeast is 3.9% below a year ago. This sits between the strongest and weakest regional readings.
- Midwest70.9 −4.9% yr/yr
Midwest is 4.9% below a year ago. This sits between the strongest and weakest regional readings.
- South88.2 −3.8% yr/yr
South is 3.8% below a year ago. This is the strongest year-over-year reading of the four regions.
Buyers steadily entered into contracts in August even though mortgage rates increased
About 1 in 5 signed contracts don't make it to closing — financing, inspections, and appraisals all knock some out. This is an early signal, not a guarantee.
This is the same idea as Rate Watch — a leading number for the whole country, one step ahead of the market you see above.
Pending Home Sales Index, National Association of REALTORS® · August 2026
Cheap homes are selling less. Expensive homes are selling a lot more.
This is why: owners of lower-priced homes are the most likely to be sitting on a very low rate from years ago. Moving costs them the most, so fewer are doing it. At the top of the market, that math barely applies.
Houses are selling more. Condos are selling less.
Rising HOA fees and insurance costs have hit condos hard the last few years. Here's what that's actually done to sales.
Are you competing with investors, or with other families?
Every sale in August 2026, broken down by who made it.
Investors are pulling back — more room for regular buyers than a year ago.
of every 100 buyers are buying their first home
holding steady vs. a year ago
First-time buyers are holding their ground — no real shift from a year ago.
of every 100 sales go to investors — companies or people buying to rent out or resell, not to live in
down from 21 a year ago
Fewer bidding wars against investors — more room for people buying a home to actually live in.
of every 100 sales are all-cash — bought without a mortgage
holding steady vs. a year ago
Cash buying is holding steady — no real shift from a year ago.
The national story isn't your local story.
How the starter-home slowdown and the luxury boom show up differently by region.
Northeast
Starter homes fell −13.0%, while the top of the market grew +5.8%.
Biggest luxury boomMidwest
Starter homes fell −12.8%, while the top of the market grew +9.5%.
Biggest gap between cheap and expensive homesSouth
Starter homes fell −6.6%, while the top of the market grew +2.0%.
Smallest gapWest
Starter homes are up +2.5% — outpacing the top of the market at −3.1%.
Most balancedSource: National Association of REALTORS®, Existing-Home Sales, August 2026. Regional and price-tier figures are non-seasonally adjusted, compared year-over-year to avoid seasonal noise. Months supply and days-on-market are seasonally adjusted where available. Figures cover single-family homes unless noted.
Want to know what this means for you?
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