Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 22, 2026
The short answer: September's housing reports are not contradictory. Existing-home sales count transactions that finished, while pending sales count newly signed contracts that have not closed. Nationally, completed sales rose 1.5% from August, but pending sales fell 7.3%. That suggests the closing pipeline could soften in the next month or two, although it does not prove what will happen in every Hampton Roads neighborhood.
Local REIN data showed a similar split when September 2026 was compared with September 2025: settled sales increased slightly, pending sales declined, and buyers had more active listings to consider.
Why can closed sales rise while pending sales fall?
A closed sale usually began with a contract signed weeks earlier. The National Association of REALTORS explains that its Pending Home Sales Index tracks signed contracts and generally leads completed existing-home sales by one or two months.
That timing explains the two September headlines. NAR reported on October 13 that existing-home sales increased 1.5% from August. One week later, NAR reported that pending home sales decreased 7.3% from August and 11.3% from September 2025.
The first report describes deals that reached the finish line. The second gives a more forward-looking view of contracts entering the pipeline. Pending sales are useful, but not every contract closes, and the national index is not a local forecast.
What did the Hampton Roads data show?
REIN's September report provides the more relevant regional context:
| September 2026 measure | Hampton Roads result | Compared with September 2025 |
|---|---|---|
| Pending sales | 2,009 | Down 6.95% |
| Settled sales | 2,142 | Up 1.18% |
| Active listings | 6,357 | Up 16.17% |
| Median days on market | 30 days | Up from 27 days |
REIN also reported a $375,000 regional median sales price, up 2.74% from one year earlier. That combination - fewer pending contracts, more available homes, longer marketing time and a higher median sold price - is a reminder that market activity and prices do not always move together.
These are regional totals. Conditions can vary substantially by city, neighborhood, property type and price range. For monthly city-level context, use our Virginia Beach and Hampton Roads real estate market report.
What does this mean for buyers?
More active inventory and fewer pending sales may give some buyers additional time and negotiating room, but leverage remains property-specific. A well-priced home in strong condition can still attract competition. Buyers should compare recent closed sales, active alternatives, days on market and price changes before deciding how aggressive an offer should be.
Mortgage affordability remains a major constraint. Freddie Mac's latest available weekly survey before this article showed the national 30-year fixed average at 7.40% on October 15. That is a national benchmark, not a personalized quote. Buyers should update their payment estimates and compare written lender offers rather than assuming a small price change will offset a higher borrowing cost.
What does this mean for sellers?
The settled-sales increase shows that buyers are still completing transactions. The pending-sales decline and larger inventory indicate that sellers have more competition for the next group of buyers. Pricing from older peak-market expectations can cost valuable early attention.
Review recent closed sales and current competing listings separately. Closed sales help support value; active listings show what buyers can choose today. Track showing activity and feedback during the first two weeks, and decide in advance what evidence would trigger a price or presentation adjustment.
The Hampton Roads takeaway
September was not simply a "good" or "bad" month. Closings held up, the forward contract pipeline weakened, and inventory expanded. Buyers and sellers should focus on the specific segment of the market that matches their property or search, not one national headline.
Ask The Morton Group for a property-specific market review
Sources
- National Association of REALTORS, Pending Home Sales Decreased 7.3% in September, published October 20, 2026.
- National Association of REALTORS, Existing-Home Sales Increased 1.5% in September, published October 13, 2026.
- REIN, Median Sales Prices Up, Down Across Region, published October 9, 2026.
- Freddie Mac Primary Mortgage Market Survey, October 15, 2026.