Existing-home sales increased by 1.5% month-over-month and decreased by 2.2% year-over-year, according to the National Association of Realtors®’ (NAR) Existing-Home Sales report. The report provides the real estate ecosystem, including agents, homebuyers and sellers, with data on the level of home sales, price and inventory.
Month-over-month sales increased in the South and West, held steady in the Midwest and declined in the Northeast. Year-over-year sales declined in all four regions.
“Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year,” said NAR Chief Economist Lawrence Yun. “Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home.
“Higher inventory and lengthening days on market give buyers improved negotiating power,” he added. “Home sellers need to be realistic about local market conditions, which could require price discounts and other incentives to attract buyers.”
Realtor.com® Chief Economist Danielle Hale opined that while home sales are likely to remain below their year-ago pace for the rest of 2026 as mortgage rates remain high, the first-time homebuyer share edged higher, building on gains last month.
“In September, first-time buyers purchased 31% of sales, up from 30% in the prior month and year,” she said. “We’re past the worst of the starter-home supply crunch nationwide, which may help entry-level buyers gain a foothold, but the local picture remains mixed according to our latest report.”
Ali Wolf, chief economist at NewHomeSource and Zonda, noted that even though existing-home sales rose, she doesn’t think of this as a recovery.
“Supply is still pulling most of the weight here, and today’s report shows a market clearing accumulated listings, not a wave of buyers coming in,” she said. “And, this is the last clean read before mortgage rates shot up to over 7%, meaning next month we’ll start to see the impact on buyer activity.”
Wolf added that, in her opinion, new homes continue to offer better options for consumers with more sales at lower prices, a trend that will likely continue in the new-home market through the end of the year, as builders work to meet their year-end goals.
“As we watch existing home sales next month, buyers will still see more options and incentives for new homes in the fall and winter, making it the prime season for new home shopping,” she concluded.
National snapshot
Inventory in September
- 1.60 million units: Total housing inventory up 1.9% from August and up 4.6% from September 2025.
- 4.8-month supply of unsold inventory, unchanged from August and up from 4.5 months in September 2025.
Median sales price in September
- $417,500: Median existing-home price for all housing types
- 1.3% increase from one year ago ($412,300)—the 39th consecutive month of year-over-year price increases.
