Existing-Home Sales Rise 1.5% in September to 3.99 Million as Inventory Climbs

The National Association of Realtors reported on Tuesday, Oct. 13, that existing-home sales rose 1.5% in September to a seasonally adjusted annual rate of 3.99 million. Sales were still 2.2% lower than a year earlier, and NAR's chief economist said August and September were the two slowest months of 2026.

Why this matters: Buyers are getting more homes to choose from and more time to negotiate, but rising mortgage rates are shrinking the number of people who can qualify. That mix shapes pricing, concessions and pipeline expectations heading into the fall.

Cover: Editorial illustration for NAR's September 2026 existing-home sales report. Illustration created for mortgage.news; it does not depict a real person, property, product screen or document.

The September numbers

All figures are from NAR's Oct. 13 release:

• Sales: 3.99 million annual pace, up 1.5% from August and down 2.2% from September 2025.
• Inventory: 1.60 million homes, up 1.9% from August and 4.6% from a year ago.
• Supply: 4.8 months, unchanged from August and up from 4.5 months a year ago.
• Median price: $417,500, up 1.3% from $412,300, the 39th straight year-over-year gain.
• Median time on market: 33 days, up from 31 days in August.
• First-time buyers: 31% of sales, up from 30%.
• Cash sales: 27%, down from 30% a year ago.
• Individual investors and second-home buyers: 20%, up from 15%.

Where sales moved

Monthly sales rose 2.8% in both the South and the West, held flat in the Midwest and fell 2.1% in the Northeast. Every region was down from a year earlier, with the West off the most at 5.2%. The West was also the only region where the median price fell from a year ago, slipping 0.3% to $613,600.

Single-family sales rose 2.0% to a 3.64 million pace, while condo and co-op sales fell 2.8% to 350,000.

The rate problem

“Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home,” NAR Chief Economist Lawrence Yun said in the release. NAR cited Freddie Mac's average 30-year fixed rate of 6.86% for September, up from 6.67% in August. Rates have moved higher since then, so September closings mostly reflect contracts signed before the latest jump.

NAR's Housing Affordability Index fell to 105.4 from 106.7 a year earlier, with declines in three of four regions.

What buyers and sellers should take from it

Yun said higher inventory and longer days on market give buyers improved negotiating power, and that sellers may need price discounts or other incentives. For buyers, that means asking about concessions and checking recent local sales rather than relying on a national median. For sellers, it means pricing to the local market from the start.

For loan officers, the larger share of investors and second-home buyers, alongside fewer cash deals, may shift the product mix in some markets. National data does not show which local markets are driving those changes.

Practical takeaway

Treat September as a slow month with a slight seasonal bump, not a turn. Compare local inventory and days on market against NAR's national data before setting price or offer strategy, and get a current rate quote rather than assuming September's average.