US Pending Listing Count Statistics 2026

The U.S. pending listing count was 506,093 in June 2026, according to the Realtor.com series distributed by the Federal Reserve Bank of St. Louis. That was slightly below May's 508,200 and above each of the three earlier observations shown here. Pending listings offer an early view of homes moving from active marketing toward a sale, but they are not closed transactions and do not establish demand for a particular rental property.

U.S. pending listing count in 2026

These are monthly, U.S.-level observations from FRED series PENLISCOUUS, sourced from Realtor.com. The series is measured in listings and is not seasonally adjusted. The difference between June and May is small relative to the wider movement across the five-row window, but this brief does not label that movement a trend. Seasonal listing patterns, changes in the active pool, delayed status updates, and revised source files can all affect comparisons.

PortfolioRental verified the displayed observations on July 23, 2026. We copied the published values without interpolation, seasonal adjustment, or forecasting. A later download may contain another month or revisions.

What “pending” means,and what it does not

A pending listing is a for-sale listing whose status indicates that a contract is in progress. It sits between active inventory and a completed sale, but the path is not guaranteed. Financing, appraisal, inspection, title, or buyer circumstances can still prevent closing. Listing-system practices also differ, so a pending count should not be treated as a perfect national census of signed contracts.

The count is a stock, not the number of listings newly entering pending status during the month. Nor is it a rate: there is no denominator in the series itself. Analysts should not describe 506,093 as a percentage of inventory unless they separately obtain an aligned active-listing measure and explicitly define the calculation. The National Association of Realtors' Pending Home Sales Index is also a different product: it is an index based on contract signings, while this Realtor.com series is a listing count.

That distinction matters in a purchase memo. A rising pending stock could reflect more contracts, longer time spent pending, or both. A falling stock could accompany faster closings, more cancellations, fewer new contracts, or a changing feed. The national figure alone cannot separate those explanations.

A decision method for rental acquisitions

Pending inventory is most useful as a prompt for local investigation. Start with a dated national observation, then narrow the evidence in four steps:

1. Match geography. Pull active, pending, sold, and withdrawn records for the target ZIP code, county, or carefully defined competitive area. Do not infer a neighborhood change from the U.S. total.
2. Match property type. Separate detached homes, condominiums, and small multifamily properties. A portfolio's acquisition set may differ substantially from the composition of all listings.
3. Follow contract outcomes. Record the pending date, closing date, return-to-active date, and cancellation where available. This converts a status snapshot into a local process view.
4. Reconcile to the subject. Compare the candidate's price, condition, financing constraints, title status, and likely buyer pool with genuinely comparable transactions.

For example, a high local pending count is not automatically evidence to raise an offer. If pending duration has lengthened and return-to-active events are increasing, the apparent competition may be less firm than the headline suggests. Conversely, a modest pending stock paired with short marketing times and consistent closings may still indicate a competitive submarket. The underwriting conclusion should come from the local records, not from the national benchmark.

Our research library provides related context. In particular, compare this series with U.S. new-home sales, which records a different segment and transaction stage. Teams that need a repeatable comp and diligence workflow can also review investment analysis and advisory.

Methodology and quality controls

This brief uses the observation dates and values displayed in FRED for PENLISCOUUS. FRED is the distributor; Realtor.com is identified as the source. We retained the series' native monthly frequency, listing unit, and not-seasonally-adjusted status. The table uses calendar month labels for readability.

A reproducible internal file should preserve the CSV, series page, download date, and any transformation code. Record both the observation month and the access date. If a later release revises a value, retain the prior vintage alongside the updated file rather than silently replacing evidence used in an earlier decision. ALFRED is useful for understanding vintage-data practice, although availability differs by series.

There are several material limits. The series is nationwide, mixes property and market types, and depends on listing-feed coverage and status coding. It does not report contract price, contingencies, buyer financing, pending duration, fallout, or eventual closing. It also does not tell an investor whether the home will rent, what repairs it needs, or what operating costs apply. Those questions require property documents and local evidence.

Portfolio application

Acquisition teams can place the count in a monthly market sheet next to active inventory, closed sales, and days on market. Its role is to flag questions: Are contracts accumulating faster than closings? Is the local target segment behaving like the national market? Are stale pending records distorting the count? A useful dashboard keeps each measure in its original unit and labels its source date.

Asset managers have a different use. Pending and closed listings near owned homes can reveal potential comparable sales or changes in owner-occupant competition. They do not directly predict renewal probability or asking rent. Leasing assumptions should remain grounded in current rental listings, signed leases, concessions, and the portfolio's own lead funnel.

A committee packet should state the evidence hierarchy. Subject-property inspection and title records outrank a broad listing count for property-specific risks; local closed and failed contracts outrank the U.S. series for transaction execution; the national count supplies context only. This prevents a convenient headline from carrying more weight than it deserves.

Verification checklist

• Confirm the series code is PENLISCOUUS and the unit is listings.
• Preserve the not-seasonally-adjusted label.
• Separate observation month, publication timing, and download date.
• Recheck the latest two values before a committee meeting.
• Keep the source CSV or dated export with the analysis.
• Verify that local records use the same status definitions.
• Distinguish pending stock from newly pending flow.
• Track return-to-active, cancellation, and closed outcomes locally.
• Segment comparable records by location and property type.
• State explicitly what evidence would change the recommendation.

Frequently asked questions

How many U.S. home listings were pending in June 2026?

The published count was 506,093. It is a national monthly observation, not a count for a particular metro or rental segment.

Is a pending listing the same as a sold home?

No. Pending generally indicates a contract in progress. The transaction may close, return to active status, or be withdrawn.

Is this count seasonally adjusted?

No. FRED identifies PENLISCOUUS as not seasonally adjusted, so month-to-month comparisons can reflect normal seasonal patterns.

Can pending listings predict rental demand?

Not on their own. They concern for-sale inventory. Rental demand needs evidence such as current rental availability, inquiries, applications, signed leases, concessions, and turnover.

Why can the historical figure change?

Source feeds may be updated or revised. Save the vintage used in the original memo and review changes before comparing analyses produced on different dates.

Sources and verification dates

1. Federal Reserve Bank of St. Louis: Pending Listing Count in the United States (PENLISCOUUS), accessed July 23, 2026.
2. Realtor.com Economic Research: Real Estate Data Library, accessed July 23, 2026.
3. Realtor.com Economic Research: June 2026 Monthly Housing Market Trends Report, accessed July 23, 2026.
4. Federal Reserve Bank of St. Louis: Active Listing Count in the United States, accessed July 23, 2026.
5. National Association of Realtors: Pending Home Sales, accessed July 23, 2026.
6. National Association of Realtors: Existing-Home Sales, accessed July 23, 2026.
7. U.S. Census Bureau: New Residential Sales, accessed July 23, 2026.
8. U.S. Census Bureau: Seasonal Adjustment, accessed July 23, 2026.
9. Federal Reserve Bank of St. Louis: ALFRED Archival Federal Reserve Economic Data, accessed July 23, 2026.
10. Federal Reserve Bank of St. Louis: FRED Help, accessed July 23, 2026.

For help turning national context into a documented local acquisition review, contact PortfolioRental.