Key facts
- Existing home sales rose 1.5% in September to 3.99 million units.
- Total housing inventory increased 1.9% to 1.60 million units.
- The median existing home price was $417,500, up 1.3% year-over-year.
- Sales were down 2.2% from September 2025.
- Housing inventory was up 4.6% from September 2025.
- The average 30-year fixed-rate mortgage was 6.86% in September.
Existing home sales in the U.S. saw a modest 1.5% increase in September, reaching a seasonally adjusted annual rate of 3.99 million units, according to the National Association of Realtors (NAR). Despite this monthly gain, sales remained 2.2% below the levels recorded in September 2025. Total housing inventory also rose, increasing by 1.9% from August to 1.60 million units, which is 4.6% higher than a year prior. This inventory level represents a 4.8-month supply of unsold homes.
The median existing home price continued its upward trend, increasing by 1.3% year-over-year to $417,500. This marks the 39th consecutive month of annual price increases. NAR Chief Economist Lawrence Yun noted that August and September were the slowest months for home sales this year and that rising mortgage rates are further limiting buyer affordability.
Yun also pointed out that increased inventory and longer marketing times are providing homebuyers with more negotiating power, suggesting sellers need to be realistic about pricing and incentives. Single-family home sales increased by 2.0% from August, while condominium and co-op sales saw a 2.8% decline month-over-month. Regionally, sales increased in the South and West, held steady in the Midwest, and declined in the Northeast, with all regions experiencing year-over-year sales decreases.
The Housing Affordability Index registered 105.4 in September, a slight decrease from the previous year, with affordability declining in most regions except the West. The median time on market for properties increased to 33 days. First-time homebuyers accounted for 31% of sales, up from 30% a year ago, while cash sales represented 27% of transactions, down from 30% a year earlier. The average 30-year fixed-rate mortgage stood at 6.86% in September, up from 6.67% in August and 6.35% in September 2025.