Overview
- The National Association of Realtors’ Pending Home Sales Index rose 1.8% in February to 72.1, though it was 0.8% below February 2025.
- Contracts increased in the Midwest, South and West but fell in the Northeast, with metros such as San Diego, Jacksonville and San Jose posting the strongest year-over-year gains.
- Mortgage rates briefly dipped below 6% early in 2026, then moved higher as the U.S.-Israeli war with Iran lifted oil prices and Treasury yields, threatening recent affordability gains.
- NAHB’s Housing Market Index ticked up to 38 in March, extending a stretch below the 50 breakeven, and 37% of builders reported price cuts averaging 6% as incentives remained widespread.
- Underlying supply signals stayed weak with single-family starts down 2.8% in January to a 935,000 annual rate, while Canada’s February resales fell 1.3% month over month and 8.1% year over year, highlighting regional divergence.