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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 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 weigh on activity in the coming months, according to the source report.
U.S. existing-home sales rose 1.5% in September to a seasonally adjusted annual rate of 3.99 million, the National Association of Realtors reported, ending a three-month run of declines. The increase came as the number of homes for sale grew, but sales remained below 4 million and were down 2.2% from September 2025, signaling that the monthly rebound has not yet translated into year-over-year growth.
The sales measure covers single-family homes, townhomes, condominiums and co-ops. September’s 3.99 million annualized rate was the second-lowest level since July 2025 and only the third time since October 2024 that the rate fell below 4 million, according to the report. August and September were described as the slowest sales months of the year despite September’s month-to-month gain.
Inventory rose to 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 the prior month and above the 4.5-month supply recorded a year earlier. The report says a supply of 4.5 to six months is generally considered balanced. Homes took a median of 33 days to sell, compared with 31 days in August and the same 33 days in September 2025.
The national median price for existing homes was $417,500, 1.3% higher than a year earlier and the 39th consecutive month of year-over-year price increases. The median price for condominiums and co-ops was $363,700, up 1.2% annually. First-time buyers made up 31% of September purchases, compared with 30% in August and a year earlier; all-cash purchases accounted for 27%, unchanged from August and below 30% a year ago.
More Listings, Still-Weak Sales
The September figures show a housing market where buyers have more homes to choose from, but the improvement in transactions remains limited. A 4.8-month supply is near the lower end of the report’s stated balanced-market range, while the longer median time on market points to less urgency than in a faster-moving market. The added inventory may give buyers more room to compare options and negotiate, though the report does not quantify how much bargaining power changed.
For sellers, the combination of more available homes and slower sales could make pricing and timing more important. The report’s analysis says recent inventory gains are likely to put downward pressure on resale prices in most markets in 2026. That is a forward-looking assessment, not a confirmed outcome for every location; September’s national median price was still higher than a year earlier.
Financing costs remain a constraint for buyers relying on mortgages. The source report says mortgage rates moved back above 7% in mid-September and that sales are likely to remain sluggish over the next few months. The figures matter to households deciding whether to buy or sell, as well as to businesses connected to home purchases, but national totals can conceal substantial differences among local markets.
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Regional Results Diverged
September’s monthly increase was uneven across the country. Sales rose 2.8% in both the South and West, fell 2.1% in the Northeast and were unchanged in the Midwest, according to the report. Compared with September 2025, sales declined in all four regions, with reported decreases ranging from 0.5% in the South to 2.1% in the Midwest.
The report attributes the sales and inventory figures to the National Association of Realtors and says the National Association of Home Builders analyzed the market conditions. The distinction between monthly and annual comparisons is important: September sales increased from August but remained lower than a year earlier. Likewise, the year-over-year rise in the national median price does not establish that prices increased in every region or for every type of home.
Rate Effects and Local Prices
The national release does not establish whether September’s rise will continue, or how sales will respond to mortgage rates above 7%. The forecast that activity may remain sluggish over the next few months is the source report’s assessment, not a reported outcome. It is also unclear how much the increased inventory will affect prices in individual markets: the report anticipates downward pressure in most markets in 2026, while the national median price remained higher year over year in September. No local-level figures or subsequent monthly results are included in the material.
Watch Rates and October Sales
The next indication of whether September marked a sustained recovery will come from subsequent monthly existing-home sales and inventory data. Buyers and sellers will also be watching mortgage rates, which the source report identifies as a potential restraint on demand. Further data will show whether listings continue to build, whether homes take longer to sell, and whether the national price trend changes. The September figures alone do not settle those questions.
Key Questions
How much did existing-home sales increase 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. The annualized sales rate was 2.2% lower than in September 2025, despite the monthly 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.
Did home prices fall in September?
The national median price for existing homes was $417,500, up 1.3% from a year earlier. That national figure does not establish the direction of prices in every local market.
What could affect sales in the coming months?
The source report says mortgage rates were back above 7% from mid-September and expects sales to remain sluggish over the next few months. Whether that forecast holds will depend on later sales data and borrowing costs.
Source: rss
