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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% lower than a year earlier, while inventory reached 1.60 million homes and a 4.8-month supply. Mortgage rates above 7% and the weak annual sales comparison point to continued pressure on the market.
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 homes for sale became more plentiful, but sales remained 2.2% below September 2025 and below 4 million for the third time since October 2024.
The September total includes sales of single-family homes, townhomes, condominiums and co-ops. Despite the monthly rise, August and September were the slowest months for sales so far in 2026, according to the source report. September’s annualized pace was the second-lowest recorded since July 2025.
Existing-home inventory reached 1.60 million units, up 1.9% from August and 4.6% from a year earlier. That represented a 4.8-month supply at the current sales pace, unchanged from August and up from 4.5 months in September 2025. The report says a supply of 4.5 to six months is generally viewed as a balanced market; September’s level was the highest since November 2015.
Homes took a median of 33 days to sell, compared with 31 days in August and the same 33 days in September 2025. The median price for all existing homes was $417,500, 1.3% above 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.
More Choices, Still Slow Sales
The figures show a market where buyers have more options than they did a year ago, but that added supply has not yet produced a strong recovery in transactions. The 4.8-month inventory supply gives buyers more room to compare homes and negotiate, while the longer median time on market is consistent with a less hurried sales process.
For buyers, the increase in available homes could improve selection and bargaining conditions, though prices were still higher than a year earlier. For sellers, the data point to a market in which homes may take longer to sell and pricing remains sensitive to local competition. The report’s analysis, attributed to the National Association of Home Builders (NAHB), says inventory gains could put downward pressure on resale prices in many markets in 2026; that is an outlook, not a reported nationwide price decline.
Financing costs remain a constraint. The source report says mortgage rates moved back above 7% from mid-September and that sales are likely to stay sluggish over the next few months. The sales increase is therefore a limited monthly improvement rather than evidence that the market has returned to growth on an annual basis.
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Inventory and Rates Shape September
The September increase followed three consecutive monthly declines, according to the report. It did not reverse the broader year-over-year weakness: sales were down in each of the four major regions compared with September 2025. The decline ranged from 0.5% in the South to 2.1% in the Midwest.
Month to month, results differed by region. Sales rose 2.8% in both the South and West, fell 2.1% in the Northeast and were unchanged in the Midwest. The regional variation means the national increase does not describe every local market’s direction.
First-time buyers accounted for 31% of September transactions, up from 30% in August and a year earlier. All-cash purchases made up 27% of sales, unchanged from August but down from 30% in September 2025. Cash buyers are less directly affected by mortgage-rate changes, according to the report. These shares offer additional detail on who purchased homes, but the source does not provide a breakdown of the monthly sales increase by buyer type.
“With mortgage rates back above 7% since mid-September, home sales are likely to stay sluggish over the next few months.”
— Source report on mortgage rates and the near-term outlook
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The Recovery Remains Unclear
The September data show a monthly sales gain, but do not establish whether it will continue. Year-over-year sales were still down 2.2%, and the report gives no subsequent monthly figures to show whether higher inventory or the September increase will lead to a sustained rebound.
The national median price rose from a year earlier, but national figures do not show how prices changed in individual cities or neighborhoods. The report’s prediction that added inventory may weigh on resale prices in many markets in 2026 is not a guarantee, and the extent of any effect remains unknown. It also does not quantify how much mortgage rates above 7% affected September transactions or how rates will move in the coming months.
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Watch Rates and October Sales
The next key indicator will be the following monthly existing-home sales report, which can show whether September’s increase continues or gives way to another decline. Inventory, time on market and the year-over-year comparison will help clarify whether buyers’ improved selection is translating into more completed transactions.
Mortgage rates will also be a central factor in the near-term outlook. The source report expects sales to remain sluggish over the next few months while rates are above 7%, but provides no specific forecast for rates or a date when relief may arrive. Regional results will be worth tracking alongside the national total because September’s monthly gains were concentrated in the South and West.
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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 they were a year ago?
No. September sales were 2.2% lower than in September 2025, despite the increase from August.
How much inventory was available?
Inventory stood at 1.60 million homes, equal to a 4.8-month supply at September’s sales pace. The report describes 4.5 to six months of supply as generally balanced.
Did home prices fall in September?
No. The median price for all existing homes was $417,500, up 1.3% from a year earlier. The source does not report a national month-over-month price change.
What is expected to affect sales in the coming months?
The report points to mortgage rates above 7% since mid-September and says sales are likely to remain sluggish over the next few months. That is an outlook; future rates and sales results are not yet known.
Source: rss
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