U.S. existing-home sales rose 1.5% in September 2026 to a seasonally adjusted annual rate of 3.99 million, but remained 2.2% below their year-earlier level, according to the National Association of Realtors (NAR).
The October 13 report showed a modest improvement in monthly transactions, although sales remained below an annual pace of 4 million for a second consecutive month. August’s sales rate was revised down to approximately 3.93 million from the previously reported 3.98 million.
The downward revision matters because it lowered the comparison point for September’s increase. Despite the monthly gain, August and September were the two weakest months for existing-home sales in 2026, according to NAR.
Existing-home sales measure completed transactions involving previously owned homes, including single-family properties, townhouses, condominiums and co-ops. The annualized figure represents the pace of sales if one month’s seasonally adjusted activity continued for an entire year, rather than the number of homes actually sold during September.
Inventory Rises as Prices Climb
The number of unsold homes increased 1.9% from August to 1.60 million in September, according to the NAR sales data. Inventory was 4.6% higher than a year earlier. The supply of available homes reached 4.8 months at the current selling pace, unchanged from August but above the 4.5 months recorded in September 2025.
More available properties can give buyers greater choice and room to negotiate, although the improvement in supply has not translated into lower national prices. The median existing-home sales price increased 1.3% from $412,300 a year earlier to $417,500, extending the annual increase in prices to 39 consecutive months.
Meanwhile, NAR’s Housing Affordability Index slipped to 105.4 from 106.7 a year earlier. This indicates that the improvement in available listings has not eliminated the financial constraints facing prospective buyers.
Higher borrowing costs remain another obstacle. The average 30-year fixed mortgage rate increased to 6.86% in September from 6.67% in August and 6.35% a year earlier, according to Freddie Mac figures cited by NAR. For households evaluating financing, the relationship between mortgage rates and monthly payments remains important even when sellers become more willing to negotiate.
Regional Housing Demand Remains Uneven
September’s sales improvement was concentrated in the South and West, where transactions increased 2.8% month over month in each region. Sales remained unchanged in the Midwest and declined 2.1% in the Northeast. Despite the monthly increases in two regions, all four recorded fewer sales than in September 2025.
The differences were also visible across property types. Single-family home sales rose 2.0% to an annual rate of 3.64 million, while condominium and co-op sales declined 2.8% to 350,000.
This distinction matters because the national monthly increase was not shared across the entire resale market. Single-family transactions supported the improvement while the smaller condominium and co-op segment weakened.
The share of first-time homebuyers increased to 31% from 30% in August, while cash transactions represented 27% of purchases, unchanged from the previous month.
Homes spent a median of 33 days on the market, compared with 31 days in August. Longer selling periods provide further evidence that buyers have more time to evaluate properties, although conditions vary significantly by location.
What September Sales Actually Show
Investozora’s analysis of the revised monthly figures suggests that September’s 1.5% increase should be interpreted cautiously. August’s sales pace was revised downward by approximately 50,000 annualized transactions, from 3.98 million to 3.93 million. September’s 3.99 million pace was consequently only about 10,000 above August’s originally reported level.
These figures are rounded and do not establish what September’s published percentage change would have been without the revision. They do, however, show why the historical comparison point matters.
September Home Sales: August Comparison
U.S. existing-home sales, seasonally adjusted annual rate
August originally reported
3.98M
August implied revised pace
≈3.93M
September reported
3.99M
Estimated August downward revision
≈50,000
(3.98M − 3.99M ÷ 1.015) × 1,000,000 ≈ 49,458
Investozora estimates that August’s annualized sales pace was revised downward by approximately 50,000, using NAR’s rounded September figures and reported 1.5% monthly increase. This is an estimate of a revision to the annualized sales rate, not the number of homes actually sold.
Sources: NAR August report ; NAR September report .
Calculation: Investozora, from rounded NAR figures.
Data: August–September 2026.
The combination of higher inventory, rising median prices and subdued transaction volumes suggests that greater housing supply has improved some negotiating conditions without producing a broad recovery in affordability. The distinction is relevant for prospective buyers and sellers, as well as housing-market participants tracking how changes in interest rates affect purchasing activity.
The next scheduled existing-home sales report, covering October 2026, is due on November 12, 2026, at 10:00 a.m. Eastern Time. That release will provide another measure of whether September’s increase developed into a sustained improvement or remained a temporary rebound.
Methodology: Figures retain NAR’s published precision. The reported 1.5% increase is not recalculated from rounded sales totals, as underlying unrounded data may differ.
