Weekly Walkthrough 1: Pending sales hit a record low

NAR's Pending Home Sales Index fell 7.3% in September to 66.0, and was down 11.3% from a year earlier. Every region fell: the West 9.2%, the South 8.2%, the Midwest 6.5% and the Northeast 4.2%. HousingWire reports it as the lowest reading in the index's history; the series is benchmarked to 2001.

NAR's Lawrence Yun blamed fast-rising mortgage rates. Freddie Mac's 30-year fixed average reached 7.40% in early October, the highest since November 2023, Florida Realtors reported. By October 22 it had eased to 7.32%, against 6.19% a year earlier. NAR's existing-home sales report put September closings at a 3.99 million annual pace, and Yun said August and September were the two slowest months of 2026.

Fannie Mae's October forecast moved the same way. It now expects the 30-year rate to average 7.5% in 2027 (6.7% in its September forecast) and existing-home sales of 4.06 million (down from 4.22 million).

What it means for you

A pending sale is a signed contract, and the inspection happens inside that contract's contingency period. So the pending index is close to a same-month read of inspection demand, and September's drop is already in your October calendar. Plan November and December on the assumption that buyer-side volume stays low: front-load agent visits now, and move pre-listing inspections, 11-month warranty inspections and annual maintenance inspections into the open slots.

Don't answer a slow quarter with a price cut. Agents choose inspectors on accuracy, report clarity and responsiveness, and price was a top factor for 7% of them in Spectora's 2026 survey. Our read of the 2026 fee surveys has the numbers.

20% of buyers waived the inspection contingency in September, unchanged from August and down from 21% a year earlier, according to NAR's Realtors Confidence Index. Waivers peaked at 30% in June 2022 and hit a series low of 12% in January 2026. September homes drew 2.2 offers on average (2.3 a year earlier), and 16% sold above list price (21% a year earlier).

What it means for you

The waiver share held while contracts fell, which says the remaining waivers sit in the pockets that are still competitive. If your market is one of them, listing agents are the people to talk to: a pre-listing report lets their seller's buyers bid without a contingency and still know the house. We charted every 2026 reading and the Massachusetts waiver law in this week's field notes.

Isaias made landfall near Destin, Florida at about 8:30 p.m. CDT on October 9 as a Category 2 hurricane with 105 mph winds, Cotality reported, with about 448,000 Florida customers losing power. Modeled insured losses: Verisk $1 billion to $2 billion onshore, Cotality $2 billion to $3 billion for wind and surge, and Karen Clark & Co. $3 billion in private insured losses excluding the NFIP, per Insurance Business.

Separately, the National Flood Insurance Program is authorized only through December 11, 2026, according to the Congressional Research Service. It lapsed from October 1 to November 12, 2025, and again from February 1 to 3, 2026. During a lapse FEMA can't write new flood policies; existing policies run to the end of their term. CRS cites an estimate that more than 1,400 home closings a day were cancelled or delayed during a June 2010 lapse.

What it means for you

On the Panhandle and in southern Alabama, expect re-inspection requests: roofs, tree impacts and water intrusion, plus buyers asking for proof that storm repairs were done. Photograph and date what you see, and separate storm damage from older wear in the report. Insurers and lawyers will read it later.

Anywhere with flood-zone listings, ask agents which of your December inspections close after the 11th. A closing that stalls for a flood policy can push a buyer past their contingency window or into a second walkthrough, and both land on your calendar.

The Pennsylvania House passed HB 2645, which would put home inspectors under state licensing administered by the State Real Estate Commission, LevittownNow reported on October 14. Applicants would need at least 80 hours of approved education, registration as an inspector-in-training, at least 50 supervised inspections and a licensing exam. Renewal would require 32 hours of continuing education every 2 years, including manufactured and modular homes. Reports would have to describe their scope and any material defects, disclose visible interior mold and advise a professional evaluation. The bill goes to the Senate next.

What it means for you

It isn't law yet. If it passes, multi-inspector firms in Pennsylvania should plan for the 50 supervised inspections: a trainee riding along costs a licensed inspector's time, so hiring gets slower and more expensive. Check your report templates against the mold-disclosure line now; it's an easy change to make before anyone requires it.

Carson Dunlop is retiring its Horizon inspection software. It stays fully operational until December 15, 2026; after that, Horizon data won't be accessible and Carson Dunlop says it will securely delete it, according to Spectora's migration FAQ. Carson Dunlop recommends Spectora as the migration path, and Spectora pays Carson Dunlop a one-time administrative fee for the transition (no long-term commercial relationship, the FAQ says). Inspectors can also move to another platform or export their data.

Spectora's migration carries company information, users, agent and brokerage records, clients, settings and the comment library. It doesn't carry historical reports, report PDFs, photos, attachments, existing bookings or payment connections. Horizon has its own export tools for client and agent lists, booking data, templates and tax data. This follows Spectora's acquisition of HomeGauge, announced April 1, 2025.

What it means for you

If you're on Horizon, export every historical report and its photos before December 15, whichever software you choose next. Claims against inspectors can arrive years after the inspection, and the report is your defense. Then ask any vendor you're considering what it imports, what it leaves behind and how you'd export your data from it later. Househound sells inspection software too, so weigh this item with that in mind.

• October 29: NAR releases third-quarter metro home prices.
• November 12: NAR's October existing-home sales.
• November 18: NAR's October Pending Home Sales Index, the next read on inspection demand.
• November 8 to 13 (expected): NAR's October Realtors Confidence Index with the next waiver reading. This year's reports have come out between the 8th and 13th of the month.
• December 9: NAR's November existing-home sales.
• December 11: NFIP authorization expires unless Congress extends it.
• December 15: Horizon inspection software shuts down.
• December 17: NAR's November Pending Home Sales Index.

Release dates are from NAR's 2026 schedule.