US Existing Home Sales Slump the Most Since 2022

Existing home sales in the United States rose by 1.5% from the two-year low in the previous month to a seasonally adjusted annualized rate of 3.99 million units in September of 2026, not too far from market expectations of 3.95 million. Total housing inventory reached 1.6 million units with the increase, 1.9% higher than the previous month to represent 4.8 months of supply under the latest sales rate. Sales recovered slightly in the South (2.8% to 1.86 million) and the West (2.8% to 0.73 million), offsetting a drop in the Northeast (-2.1% to 0.47 million) and a stall in the Midwest (at 0.93 million). “Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year,” said NAR Chief Economist Lawrence Yun. “Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home.”

Existing home sales in the United States fell by 2.0% from the previous month to a seasonally adjusted annualized rate of 3.98 million units in August of 2026, aligned with market expectations. It follows a 1.7% decline in the previous months. Existing home sales declined in the Northeast (-4.0%), Midwest (-3.1%), and South (-1.6%) regions while sales were relatively unchanged in the West. Total housing inventory increased 3.2% to 1.62 million units and the median price was $429,100 for all housing types, a 1.6% increase from last year. “Mortgage rates and home sales move in opposite directions, so it's not surprising to see a mild dip in home buying activity due to high mortgage rates,” said NAR Chief Economist Lawrence Yun. Mortgage rates measured by leading mortgage providing institutions continued to rise through the period as soaring energy costs and ample corporate debt supply lifted longer-maturity yields.

Existing home sales in the United States fell by 1.7% from the previous month to a seasonally adjusted annualized rate of 4.05 million units in July of 2026, relatively close to market expectations of 4.06 million. It follows a 1.4% decline in the previous month. Existing home sales declined in the South (-3.1%) and Midwest (-2%) regions while sales were relatively unchanged in the West, offsetting the 2% increase in the Northeast. Total housing inventory decreased 1.9% to 1.54 million units and the median price was $434,100 for all housing types, a 2% increase from last year. “Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months,” said NAR Chief Economist Lawrence Yun. “Year-to-date sales are up 2.4% and there’s no doubt that the housing market would be thriving if average mortgage rates were to return near 6%”.