Existing-home sales rose 1.5% in September to a seasonally adjusted annual rate of 3.99 million, according to the National Association of Realtors (NAR). Although sales remained 2.2% below September 2025, the monthly increase offered a modest sign of progress as more homes became available.
Inventory Offers More Choice
Housing inventory totaled 1.6 million homes at the end of September, up 1.9% from August and 4.6% from a year earlier. That represented a 4.8-month supply at the current sales pace, unchanged from August but above last September’s 4.5 months. Buyers have more properties to compare, although selection varies by location and price range.
Prices Remain Above Last Year
The median existing-home price was $417,500, up 1.3% from September 2025 and marking the 39th consecutive month of annual gains. The Northeast and Midwest recorded stronger price growth than the South, while the West posted a slight decline. These national trends provide context, but recent sales of comparable homes offer a better guide to pricing in your neighborhood.
Affordability Remains a Hurdle
The NAR Housing Affordability Index registered 105.4, down from 106.7 a year earlier, reflecting weaker affordability. Conditions worsened in three regions, with the West the exception. Lawrence Yun, chief economist for the NAR, noted that August and September were the year’s two slowest sales months despite September’s modest improvement.
Buyer Activity Shifts
Homes spent a median of 33 days on the market, up from 31 in August but unchanged from September 2025. First-time buyers accounted for 31% of purchases, while cash sales represented 27%. Investors and second-home buyers made up 20% of transactions, up from 15% in August and a year earlier.
What This Means for Buyers and Sellers
September brought a small sales gain and more inventory, but affordability remains a constraint. Buyers should use the wider selection to compare condition, location, and ownership costs rather than assume every seller will discount. Sellers should watch how quickly competing homes attract offers and which listings remain unsold. Recent comparable sales, current competition, and showing feedback provide a stronger basis for pricing decisions than last season’s expectations.
Regional Sales Snapshot
Sales are seasonally adjusted annual rates; price changes are year over year.
Northeast: 470,000 sales (-2.1% MoM, -4.1% YoY) | Median price: $523,600 (+4.7%)
Midwest: 930,000 sales (0% MoM, -2.1% YoY) | Median price: $329,600 (+3.1%)
South: 1.86 million sales (+2.8% MoM, -0.5% YoY) | Median price: $361,000 (+0.2%)
West: 730,000 sales (+2.8% MoM, -5.2% YoY) | Median price: $613,600 (-0.3%)
