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Existing-home sales rose 1.5% in September to a seasonally adjusted annual rate of 3.99 million, ending three consecutive monthly declines, according to the National Association of Realtors. Sales were still 2.2% below September 2025, while inventory rose to 1.60 million homes and a 4.8-month supply.
U.S. 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 increase came as listings grew and buyers had more room to negotiate, but sales remained 2.2% below September 2025 and near the lowest levels reported in more than a year.
The September rate covers sales of single-family homes, townhomes, condominiums and co-ops. Despite the monthly gain, it was the second-lowest level since July 2025 and only the third time since October 2024 that sales fell below an annualized pace of 4 million. The source report said both August and September were the slowest sales months of 2026.
Inventory reached 1.60 million homes, up 1.9% from August and 4.6% from a year earlier. That equaled a 4.8-month supply at September’s sales pace, unchanged from August and up from 4.5 months a year earlier. The report described that as the highest months’ supply since November 2015; a supply between 4.5 and six months is generally considered balanced.
The median time a home spent on the market was 33 days, two days longer than in August and unchanged from September 2025. First-time buyers accounted for 31% of transactions, compared with 30% in August and a year earlier. All-cash purchases made up 27% of sales, unchanged from August but below 30% in September 2025.
More Listings, Limited Sales Rebound
The figures point to a market where buyers have more choices, but purchasing activity has not returned to its year-earlier level. Higher inventory and longer time on the market can give buyers greater scope to compare homes and negotiate, while sellers may face more competition from other listings.
For households, the balance between available homes, prices and borrowing costs remains central to affordability. The September median price for all existing homes was $417,500, 1.3% higher than a year earlier. That marked the 39th consecutive month of annual price increases, even as sales remained subdued. The source report cited an NAHB analysis saying inventory gains could put downward pressure on resale prices in many markets in 2026; that is a forecast, not a measured September outcome.
The regional results were uneven. Sales increased 2.8% in both the South and West, were unchanged in the Midwest and fell 2.1% in the Northeast. Compared with a year earlier, sales declined in all four regions, with the reported decreases ranging from 0.5% in the South to 2.1% in the Midwest.
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Rates and Inventory Shape Demand
The September increase followed three months of sales declines, but it did not erase the year-over-year drop. The annualized figure is a seasonally adjusted pace, rather than the number of homes actually sold during September. That distinction matters when comparing it with monthly transaction counts.
The source report said mortgage rates had moved back above 7% from mid-September and suggested sales could remain sluggish in the following months as buyers waited for rate relief. That outlook was attributed to the report’s analysis; it does not establish how rates or sales will move. Cash buyers, who made up 27% of September transactions, are less directly affected by mortgage-rate changes, according to the report.
Prices also differed by property type. The median condominium and co-op price was $363,700, up 1.2% from a year earlier. The available data provide national and regional measures, but they do not show how conditions varied among individual cities or neighborhoods.
“With mortgage rates back above 7% since mid-September, home sales are likely to stay sluggish over the next few months.”
— Hardware Retailing, reporting on the September market outlook
Local Prices and Rate Effects
The national figures do not show whether the September sales increase continued in subsequent months or whether it was concentrated in particular local markets. The report also does not quantify how much additional inventory changed negotiated prices or buyer offers. Its statement that added listings may weigh on resale prices in 2026 is a forecast, and the supplied figures do not confirm that such declines have occurred.
The mortgage-rate outlook is also unresolved. The source says rates were above 7% from mid-September and expects sales to stay sluggish, but it gives no later rate reading or specific forecast for sales volumes. September’s data alone cannot show how much of the monthly change came from rates, inventory, seasonal patterns or other factors.
Watch Rates and October Sales
The next key indicators are the following month’s existing-home sales, inventory and mortgage-rate data. Those releases can show whether September’s increase was sustained and whether the 4.8-month supply continued to rise. Price trends will also help establish whether the inventory growth cited in the source report is translating into slower appreciation or declines.
Until later data are available, the confirmed picture is a modest monthly sales rebound alongside lower year-over-year sales, higher inventory and prices still above year-earlier levels. The source material does not specify the date of the next release.
Key Questions
How much did existing-home sales rise in September?
Sales rose 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 existing homes in inventory, equal to a 4.8-month supply at September’s sales pace. Inventory was up 1.9% from August and 4.6% from a year earlier.
Did home prices fall in September?
No national decline was reported. The median price of all existing homes was $417,500, up 1.3% from a year earlier. The report’s suggestion that added inventory could put downward pressure on prices in 2026 is a forecast.
Where did sales increase or decline?
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. Sales were lower year over year in all four regions.
Source: rss
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