Existing-home sales rise 1.5% to a 3.99 million rate; inventory climbs to 1.60 million

Sales of previously owned US homes rose 1.5% in September to a seasonally adjusted annual rate of 3.99 million, but remained near this year's lows, according to the National Association of Realtors.

What happened

NAR said month-over-month sales increased in the South and West, held steady in the Midwest and declined in the Northeast. Year over year, sales declined in all four regions.

The September rate compares with 3.93 million in August, 4.06 million in July and 4.13 million in June, according to data compiled by the St. Louis Fed. A year earlier, in September 2025, the rate was 4.08 million, so this September's pace is 2.2% lower (computed).

NAR Chief Economist Lawrence Yun said that "despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year." He added: "Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home."

Inventory and prices

NAR said inventory rose to 1.60 million homes and prices were up 1.3%. Yun said higher inventory and lengthening days on market "give buyers improved negotiating power," and that sellers "need to be realistic about local market conditions."

NAR's Pending Home Sales Index, based on signed contracts, showed a latest reading of -7.3%, according to the same page.

What to watch

NAR said October existing-home sales will be released on Thursday, November 12, at 10:00 a.m. ET.