U.S. existing-home sales fell 2.0% from the previous month and 1.2% from a year earlier to a seasonally adjusted annual rate of 3.98 million, the first reading below 4 million since June 2025, according to the National Association of REALTORS® (NAR). Sales held steady in the West and declined in the Northeast, Midwest, and South. Compared with a year earlier, sales were unchanged in the South and declined in the Northeast, Midwest, and West.
Closed Sales decreased 6.2 percent for Existing Homes homes and 11.2 percent for New Construction homes. Pending Sales decreased 15.8 percent for Existing Homes homes and 5.6 percent for New Construction homes. Inventory decreased 1.2 percent for Existing Homes homes and 0.6 percent for New Construction homes.
Median Sales Price increased 4.7 percent to $315,000 for Existing Homes homes and 1.4 percent to $532,500 for New Construction homes. Days on Market increased 9.4 percent for Existing Homes homes and 8.4 percent for New Construction homes. Months Supply of Inventory decreased 3.8 percent for Existing Homes homes and 5.6 percent for New Construction homes.
Heading into September, there were 1.62 million homes listed for sale, up 3.2% from the previous month and 5.9% from a year earlier, the first time inventory has exceeded 1.6 million units since November 2019, NAR reported. That represents a 4.9-month supply at the current sales pace, up from 4.6 months a month earlier and the highest level in over ten years, according to NAR Chief Economist Lawrence Yun. The median existinghome sales price rose 1.6% year-over-year to $429,100, marking 38 consecutive months of annual gains, and year-to-date sales are up 1.6%. The Federal Reserve raised its benchmark rate by a quarter point on September 16 to a range of 3.75% to 4%, its first increase since July 2023, and the 30-year fixed-rate mortgage moved above 7% in late September, up from an August average of 6.67%, according to Freddie Mac.
*Stats and market information courtesy of KCRAR & Heartland MLS
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