TL;DR
Existing-home sales rose 1.5% in September to a seasonally adjusted annual rate of 3.99 million, ending three months of declines, according to the National Association of Realtors. Sales were still 2.2% below September 2025, while inventory reached 1.60 million homes and a 4.8-month supply. Mortgage rates above 7% since mid-September may continue to weigh on sales, according to the source report.
Existing-home sales rose 1.5% in September to a seasonally adjusted annual rate of 3.99 million, ending three months of declines, according to the National Association of Realtors (NAR). The rebound came as the number of homes for sale increased, but sales remained 2.2% below a year earlier and below 4 million for the third time since October 2024, leaving buyers and sellers in a still-slow market.
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The September total includes sales of single-family homes, townhomes, condominiums and co-ops. Despite the monthly increase, September was the second-lowest sales level since July 2025, according to the report. August and September were also described by the National Association of Home Builders (NAHB) analysis cited by Hardware Retailing as the slowest sales months of the year.
Inventory stood at 1.60 million existing homes, up 1.9% from August and 4.6% from September 2025. At September’s sales pace, that equaled a 4.8-month supply, unchanged from August and higher than the 4.5-month supply a year earlier. The report says a supply of 4.5 to six months is generally regarded as a balanced market. The median time a home spent on the market was 33 days, compared with 31 days in August and 33 days in September 2025.
The median price for all existing homes was $417,500, up 1.3% from September 2025 and marking 39 consecutive months of year-over-year increases. The median condominium and co-op price was $363,700, up 1.2% from a year earlier. First-time buyers made up 31% of September purchases, while all-cash buyers accounted for 27%, unchanged from August and down from 30% a year earlier.
More Listings, But Sales Remain Slow
The figures show a market where buyers have more homes to choose from and properties are taking longer to sell, but the increase in transactions has not erased the broader slowdown. The 4.8-month supply was the highest reported since November 2015, according to the source material. More inventory can give buyers greater scope to compare properties and negotiate, while sellers may face more competition for offers.
For households deciding whether to buy or sell, the September rise is a positive monthly signal, not evidence that affordability pressures have eased. The median price remained higher than a year earlier, and the report says mortgage rates moved back above 7% from mid-September. Those rates can affect what buyers can afford and the cost of financing. The report’s expectation that sales may remain sluggish in coming months is an outlook attributed to the source analysis, not a confirmed result for future months.
The change in inventory also matters beyond individual transactions. The NAHB analysis cited in the report said recent inventory gains could put downward pressure on resale prices in most markets in 2026. That is a forecast; September’s national median price was still up year over year, and local price trends may differ.
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A Rebound After Three Monthly Declines
The September increase followed three consecutive months of declines. Yet the annualized sales rate remained below 4 million, a level it has fallen under only twice since October 2024 before this latest reading, according to the report. The annualized rate expresses the month’s pace as if it continued for a full year; it is not a count of homes sold during September alone.
Results varied by region. Sales rose 2.8% in the South and 2.8% in the West, were unchanged in the Midwest and fell 2.1% in the Northeast compared with August. Year over year, sales declined in all four regions, with decreases ranging from 0.5% in the South to 2.1% in the Midwest. The national increase therefore did not reflect a uniform recovery across the country.
Buyer composition also shifted modestly. First-time buyers accounted for 31% of purchases, up from 30% in both August and September 2025. The all-cash share was 27%, down from a year earlier. Cash buyers are generally less exposed to mortgage-rate changes, but the source gives no breakdown of how rate changes affected other buyer groups.
Rate Effects and Local Trends
The national figures do not show how sales or prices changed in individual cities, nor how many buyers postponed purchases because of mortgage costs. The report says rates were back above 7% since mid-September, but does not provide a monthly average or quantify the effect on September transactions. It is also unclear from the source how much of the inventory increase came from new listings, homes remaining unsold, or both.
The projected price pressure for 2026 is an NAHB analysis outlook, not a confirmed price decline. September’s national median was higher than a year earlier, and regional results varied. Future sales, prices and inventory will depend on changing rates and local supply and demand; the September report alone does not establish how those measures will move.
Watch Rates and October Sales
The next key evidence will be the following monthly existing-home sales report, which can show whether September’s increase continued or was a one-month rebound. Readers should also watch the inventory level, months of supply and time on market alongside transaction volume: those measures help distinguish a sustained improvement in buyer activity from a market where more listings are simply taking longer to sell.
Mortgage rates are another near-term factor. The source report expects sales to remain sluggish over the next few months, citing rates above 7% since mid-September. That remains a forecast rather than a confirmed outcome. Subsequent NAR data will clarify whether sales remain below the 4 million annual rate and whether the regional differences seen in September persist.
Key Questions
How much did existing-home sales rise in September?
Sales increased 1.5% from August to a seasonally adjusted annual rate of 3.99 million, according to the National Association of Realtors.
Were sales higher than a year earlier?
No. September sales were 2.2% lower than in September 2025, despite the month-to-month increase.
How much housing inventory was available?
There were 1.60 million homes for sale in September, equal to a 4.8-month supply at that month’s sales pace. Inventory was up 1.9% from August and 4.6% year over year.
Did home prices fall in September?
No. The median price of all existing homes was $417,500, up 1.3% from September 2025. The report does not establish whether prices fell in particular local markets.
What could affect sales in the coming months?
The source report points to mortgage rates above 7% since mid-September as a factor that may keep sales sluggish. The effect on future sales is uncertain and will be clearer in subsequent monthly data.
Source: rss
