Pending Home Sales Tick Up, South Leads Regional Gains

A closely watched measure of homebuying activity posted a slim improvement last month, according to the original report — and the South was among the bright spots driving that modest recovery.

The National Association of REALTORS® Pending Home Sales Index, which captures signed purchase contracts before closings occur, rose 0.3% in August compared to July. That gain is small, but it matters because it came during another stretch of elevated mortgage rates — conditions that have kept many would-be buyers on the sidelines throughout much of 2025 and 2026.

The regional split in the data is worth noting for anyone tracking Florida specifically. The South — the broad Census division that includes Florida — contributed positively to the national uptick, suggesting that buyer interest in Sunbelt markets is holding up better than in other parts of the country. That aligns with the longer-term migration story Florida has been living for several years: people continue to prioritize warm-weather, lower-tax destinations even when financing is expensive.

NAR's chief economist pointed to an encouraging underlying trend: household incomes have been growing faster than home prices in many markets. That improvement in affordability fundamentals hasn't fully translated into a sales surge yet, largely because mortgage rates remain high enough to erode much of the purchasing power that rising wages would otherwise provide.

For prospective Florida buyers, this means the competitive frenzy of 2021–2022 has cooled considerably, and in many Florida markets inventory has rebuilt enough to give shoppers real choices. The tradeoff is that financing costs are still a meaningful hurdle — making it especially important to get pre-approved, shop multiple lenders, and understand total monthly carrying costs before committing to a purchase.

What this means if you're moving to Florida: Southern markets, including Florida, are showing relative resilience in buyer demand, so while conditions are more balanced than they were a few years ago, don't expect deep discounts — focus instead on locking in the best rate you can find before your search heats up.