Sal:

Unfortunately, it means that someone has made an offer on the property and the seller has accepted. Typically contingent on a home inspection to the buyers satisfaction and financing. There could also be a home sale contingency which means the seller has an escape clause typically if another buyer comes along.
If this is a home you have already seen, you should consider putting a back up offer on the property if you are interested. Should the deal fall apart, you would be the next buyer with a contract on the property.

One thing to keep in mind if you found a pending home that you absolutely love and no other home will satisfy your taste, is you can ask an agent to notify you if the contract falls through and it goes back on the market. Most MLS systems have this capability and agents can do this free of charge. The likelihood of the deal falling through is pretty slim, but it does happen.

Sal:

In my market (which is in Ohio) we show homes for backup when they are in contract. Deals do falls through and you can be there to pick up the pieces if it does.

If you are interested, I would recommend looking at the place with your buyer agent and placing your offer as backup.

We do not show pending homes in Ohio. It means it is under contract and presumed to close. If something does happen...bank problems, home inspection problems...it could go back on the market. We have a contingent term here in Ohio where we do show a home if the buyer wants to take a chance that it will not go pending.

Contract pending = another buyer has an executed contract to purchase that particular home. That buyer is in process of completing contract obligations during option period. Any contract presented by another buyer would be considered as a back up offer if 1st buyer contract should be withdrawn to purchase that home.

Sal,

Most agents will retain the "pending" status and continue to have the property shown until all contengencies have been fulfilled. This way if the deal falls apart, it's possible that another party may step in with an offer.