Analysis
The report shows a housing market that is moving slowly rather than collapsing: sales ticked up from August, prices are still edging higher and the supply of homes for sale is higher than a year ago. The trade group's chief economist tied the weak pace to higher mortgage rates, which the report shows rising between August and September.
What the National Association of Realtors reported
On October 13, 2026, the National Association of Realtors (NAR), a trade group for real estate agents, reported that sales of existing homes, meaning homes that had already been owned, rose 1.5% in September from August. The pace was 3.99 million homes at a seasonally adjusted annual rate, which is the number of sales that would occur over a full year if September's pace continued, after adjusting for normal seasonal swings. That was 2.2% below September 2025. [1]
NAR counts sales of single-family homes, townhomes, condominiums and co-ops. Single-family sales rose 2.0% from August to a 3.64 million annual rate, and were 1.9% lower than a year earlier. Condo and co-op sales fell 2.8% from August to a 350,000 annual rate, and were 5.4% lower than a year earlier. [1]
Chief economist Lawrence Yun said, "August and September marked the two slowest months for home sales this year." [1]
Prices and homes for sale
The median existing-home price, the midpoint of all sales with half priced higher and half lower, was $417,500, up 1.3% from $412,300 a year earlier. NAR described this as the 39th consecutive month of year-over-year price gains. The median single-family price was $422,700 (up 1.2%) and the median condo and co-op price was $363,700 (up 1.2%). [1]
Unsold inventory was 1.60 million homes at the end of September, up 1.9% from August and up 4.6% from a year earlier. At September's sales pace, that supply would last 4.8 months, unchanged from August and up from 4.5 months a year earlier. A median home spent 33 days on the market, compared with 31 days in August and 33 days a year earlier. [1]
Mortgage rates
NAR cited Freddie Mac data showing the average 30-year fixed mortgage rate was 6.86% in September, up from 6.67% in August and 6.35% in September 2025. Yun said, "Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home." He added that "home sellers need to be realistic about local market conditions, which could require price discounts and other incentives to attract buyers." [1]
Who bought, and where
First-time buyers made up 31% of sales, compared with 30% in August and 30% a year earlier. All-cash purchases were 27% of sales, unchanged from August and down from 30% a year earlier. Individual investors and second-home buyers accounted for 20% of sales, up from 15% in August. Distressed sales, which include foreclosures and short sales, were 2%. These shares come from NAR's monthly survey of its members. [1]
Sales rose in the South and West, held steady in the Midwest and fell in the Northeast from August. Compared with a year earlier, sales were lower in all four regions. Median prices rose in the Northeast, Midwest and South and slipped in the West. [1]
| Region | Sales (annual rate) | Change from August | Change from September 2025 | Median price (change from a year earlier) |
|---|---|---|---|---|
| Northeast | 470,000 | -2.1% | -4.1% | $523,600 (+4.7%) |
| Midwest | 930,000 | Unchanged | -2.1% | $329,600 (+3.1%) |
| South | 1.86 million | +2.8% | -0.5% | $361,000 (+0.2%) |
| West | 730,000 | +2.8% | -5.2% | $613,600 (-0.3%) |
What remains uncertain
The figures are NAR's preliminary estimates based on its member data, and monthly sales are seasonally adjusted and can be revised. The buyer-type shares come from a survey of NAR members, not a count of every sale. The mortgage-rate figures are as cited by NAR from Freddie Mac. The explanation that higher rates are limiting buyers is Yun's assessment; the report does not measure how many buyers were affected.