Existing-home sales in the United States rise 1.5% to 3.99 million as mortgage rates climb

Existing-home sales rose 1.5% in September 2026, to a seasonally adjusted annual rate of 3.99 million, the National Association of Realtors said on October 13. That is a full-year pace for previously owned homes in the United States, with the usual seasonal pattern removed, rather than a count of homes sold in the month. Sales were still 2.2% below September 2025.

"Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year," said Lawrence Yun, the association's chief economist. "Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home."

Mortgage rates since September

The homes in the October 13 report closed in September, when the average 30-year fixed mortgage rate was 6.86%, up from 6.67% in August and 6.35% a year earlier, the association said, citing national mortgage aggregator Freddie Mac.

Freddie Mac bases its weekly 30-year rate on applications lenders submit to it. That weekly average was 7.40% in the week ending October 8, up from 7.28% the week before, and above the 6.86% average on September's closings. A buyer qualifies when a lender agrees the income can cover the payment.

Sellers adjust as inventory rises

"Higher inventory and lengthening days on market give buyers improved negotiating power," Yun said. "Home sellers need to be realistic about local market conditions, which could require price discounts and other incentives to attract buyers."

Inventory reached 1.60 million homes, up 1.9% from August and 4.6% from September 2025, the association said. At September's sales pace, unsold inventory was 4.8 months of supply, unchanged from August and up from 4.5 months a year earlier.

The median time on the market was 33 days, up from 31 days in August and unchanged from September 2025. The lengthening Yun described is that rise from August, not a change from a year earlier.

The national median price was $417,500, up 1.3% from a year earlier, the 39th consecutive month of year-over-year gains in sale prices, the association said. The discounts he mentioned would come off the asking price, and he said local conditions could require those cuts, or other incentives, to attract a buyer.

First-time buyers were 31% of sales, up from 30% in August and from 30% in September 2025.

New contracts fell in September

A closing in the October 13 report is not a contract signed in September. On October 6, Zillow, which counts listings on its site that move from 'for sale' to 'pending', said newly pending sales fell 8.5% from a year earlier. Zillow said the drop came as mortgage rates reached their highest level since November 2023, and it calls the count a leading indicator of future closings.

The association's pending-home sales index for September is due on October 20 at 10 a.m. Eastern, and the October existing-home sales report follows on November 12, also at 10 a.m. Eastern.