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Existing-home sales increased 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% below September 2025, while inventory rose to 1.60 million homes and a 4.8-month supply. The figures point to more choice for buyers, but sales remain sluggish amid mortgage rates above 7% since mid-September.
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 below 4 million and were 2.2% lower than a year earlier, keeping the market’s recovery tentative.
The September total covers sales of single-family homes, townhomes, condominiums and co-ops. Despite the monthly gain, the reported annualized pace was the second-lowest since July 2025 and fell below 4 million for only the third time since October 2024. August and September were the slowest sales months of 2026, according to the source report.
Available inventory stood at 1.60 million units, up 1.9% from August and 4.6% from September 2025. At September’s sales pace, that represented a 4.8-month supply, unchanged from the prior month and above the 4.5 months recorded a year earlier. The report described the inventory level as the highest in more than a decade and the months’ supply as 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 of all existing homes was $417,500, 1.3% above a year earlier. That marked the 39th consecutive month of year-over-year price increases, even as additional listings gave buyers more options and negotiating room.
More Listings, Still-Weak Sales
The combination of higher sales and rising inventory matters because it shows a market with more activity but no clear return to strong demand. A 4.8-month supply is within the 4.5-to-6-month range generally considered balanced, according to the source report. That can give buyers more time and choices than a tighter market, while sellers may face greater competition from other listings.
For households considering a purchase, the September data offer mixed signals: the monthly sales rise suggests some buyers are moving ahead, but the annual decline and sub-4-million pace show that many remain constrained or are waiting. The report notes that mortgage rates returned above 7% in mid-September. It says sales are likely to remain sluggish over the next few months, though the data do not establish how much of September’s movement was caused by rates.
Prices have not yet fallen nationally on a year-over-year basis. The reported 1.3% annual increase in the median sale price contrasts with the source report’s assessment that recent inventory gains could put downward pressure on resale prices in most markets in 2026. That is a projection, not a reported nationwide price decline, and local results may differ.
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A Three-Month Sales Decline Ends
The September increase followed three consecutive months of declining sales, according to an analysis from the National Association of Home Builders (NAHB) cited by Hardware Retailing. The rebound was limited: the annualized rate remained below 4 million, and sales were down from the same month in 2025. The report therefore characterizes the increase as a break in the downward run, not evidence that the broader slowdown has ended.
Regional figures 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, ranging from a 0.5% drop in the South to a 2.1% drop in the Midwest.
First-time buyers accounted for 31% of September transactions, up from 30% in August and a year earlier. All-cash purchases made up 27%, unchanged from August but below 30% in September 2025. The report notes that cash buyers are less affected by mortgage-rate changes; these shares describe the composition of completed sales, not the number of potential buyers in the market.
“With mortgage rates back above 7% since mid-September, home sales are likely to stay sluggish over the next few months.”
— Hardware Retailing report
Rates and Local Prices Remain Unsettled
The figures show a national monthly increase, but do not establish whether it will continue. September sales were still 2.2% below a year earlier, and the source report does not provide a forecast for the size or duration of any recovery. It also does not break down how mortgage rates, affordability, or local conditions contributed to the monthly result.
The reported expectation of sluggish sales and potential downward pressure on prices is an outlook, not a confirmed outcome. National median prices continued to rise year over year in September, while regional sales varied. The data provided do not say which local markets may see price declines, how large any changes could be, or whether a 4.8-month national supply translates into balanced conditions in every area.
Watch October Sales and Rates
The next key test will be whether existing-home sales continue to rise in the following monthly release or return to decline. Readers should compare the next report’s sales pace with both the prior month and the same month a year earlier, while tracking inventory and months’ supply. Those measures can show whether the September increase was accompanied by a sustained shift in available homes and buyer activity.
Mortgage rates and regional results will also be important to watch, particularly because the source report says rates had moved above 7% in mid-September. The September figures alone cannot establish what effect that change will have on later sales. Until subsequent data are available, the confirmed picture is a modest monthly rebound alongside a lower year-over-year sales pace and rising inventory.
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. The figure includes single-family homes, townhomes, condominiums and co-ops.
Were sales higher than in September 2025?
No. The reported sales pace was 2.2% lower than a year earlier, despite the increase from August.
What did September inventory show?
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 the current sales pace.
Did home prices fall in September?
No nationwide year-over-year decline was reported. The median price of all existing homes was $417,500, up 1.3% from September 2025. The source report’s expectation of downward pressure from increased inventory is a forecast, not a recorded price drop.
What may 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 rates and inventory lead to further changes in sales is not yet clear.
Source: rss
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