Mortgage rates have grabbed the headlines lately, recently reaching their highest levels in almost three years. Underneath that story is a quieter one that matters just as much if you are planning a move: buyers are still signing contracts, and in the South they signed a few more in August than in July.
What the report showed
The National Association of Realtors’ Pending Home Sales report, released in mid-September, showed contract signings nationwide rose 0.3% in August from July. The South and West posted monthly gains, with the South up about 2.3%, while the Northeast and Midwest declined. Compared with a year earlier, though, pending sales were down about 4.7% nationally, and industry coverage noted that contract activity remains well below pre-pandemic levels.
Why pending sales matter
Pending sales count contracts signed, not closings. That makes them one of the better early signals of where completed sales are heading over the next month or two. A small gain while rates were already rising suggests a core group of motivated buyers is still active, especially in Southern markets like Texas where job and population growth continue to support housing demand.
The caution flag
August’s contract activity happened before the latest jump in rates in late September. Mortgage application data since then has shown some buyers stepping back. So the fall picture may be uneven: fewer buyers overall, but the ones who are shopping are often serious about moving.
What it means if you are buying
- Fewer competing buyers can mean more room to negotiate on price, repairs or closing costs.
- Rate volatility cuts both ways. Get pre-approved, understand your rate-lock options and know your comfortable monthly payment before you tour.
- If you find the right home, a fair offer with solid financing can still win, even in a slower market.
What it means if you are selling
- The buyers out there are motivated but payment-sensitive. Pricing correctly from day one matters more than ever.
- Offering to help with closing costs or a rate buydown may attract more interest than a small price cut.
- Presentation counts. Clean, well-maintained, move-in-ready homes continue to stand out when buyers are choosier.
The bottom line
The national market is not frozen, and it is not racing. It is selective. That is exactly the type of market where local knowledge, careful pricing and smart negotiation make the biggest difference. In the Houston area, conditions can vary a lot by neighborhood and price point, from Memorial and The Heights to Katy, Cypress and Sugar Land.
This post is educational information, not financial advice. Talk with a licensed lender about your financing options.
Planning a move this fall?
The Audra O’Neal Team can show you what national trends actually look like on your street. Contact us for current, neighborhood-level data and a plan built around your timeline.
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The Audra O’Neal Team | ONTX Realty Partners
Call or Text: 281-972-8200
Email: ONealTeamRocks@gmail.com
Web: http://www.ONealTeamRocks.com
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