NAR Existing-Home Sales Report Shows 1.5% Increase in September

WASHINGTON (October 23, 2025) – Existing-home sales increased by 1.5% month-over-month in September, according to the National Association of REALTORS® Existing-Home Sales Report. The Report provides the real estate ecosystem, including agents and homebuyers and sellers, with data on the level of home sales, price, and inventory.

Month-over-month sales increased in the Northeast, South and West, and fell in the Midwest. Year-over-year, sales rose in the Northeast, Midwest and South, and remained flat in the West.

"As anticipated, falling mortgage rates are lifting home sales," said NAR Chief Economist Dr. Lawrence Yun. "Improving housing affordability is also contributing to the increase in sales."

"Inventory is matching a five-year high, though it remains below pre-COVID levels," Yun added. "Many homeowners are financially comfortable, resulting in very few distressed properties and forced sales. Home prices continue to rise in most parts of the country, further contributing to overall household wealth."

National Snapshot

Total Existing-Home Sales for September

• 1.5% increase in existing-home sales¹ month-over-month to a seasonally adjusted annual rate of 4.06 million.
• 4.1% increase in sales year-over-year.

Inventory in September

• 1.55 million units: Total housing inventory², up 1.3% from August and up 14.0% from September 2024 (1.36 million).
• 4.6-month supply of unsold inventory, no change from August and up from 4.2 months in September 2024.

Median Sales Price in September

• $415,200: Median existing-home price³ for all housing types, up 2.1% from one year ago ($406,700) – the 27th consecutive month of year-over-year price increases.

Single-Family and Condo/Co-op Sales

Single-Family Homes in September

• 1.7% increase in sales to a seasonally adjusted annual rate of 3.69 million, up 4.5% from September 2024.
• $420,700: Median home price in September, up 2.3% from last year.

Condominiums and Co-ops in September

• No change month-over-month or year-over-year; sales remain at a seasonally adjusted annual rate of 370,000 units.
• $360,300: Median price, down 0.6% from September 2024.

Regional Snapshot for Existing-Home Sales in September

Northeast

• 2.1% increase in sales month-over-month to an annual rate of 490,000, up 4.3% year-over-year.
• $500,300: Median price, up 4.1% from September 2024.

Midwest

• 2.1% decrease in sales month-over-month to an annual rate of 940,000, up 2.2% year-over-year.
• $320,800: Median price, up 4.7% from September 2024.

South

• 1.6% increase in sales month-over-month to an annual rate of 1.86 million, up 6.9% year-over-year.
• $364,500: Median price, up 1.2% from September 2024.

West

• 5.5% increase in sales month-over-month to an annual rate of 770,000, with no change year-over-year.
• $619,100: Median price, up 0.4% from September 2024.

REALTORS® Confidence Index for September

• 33 days: Median time on market for properties, up from 31 days last month and 28 days in September 2024.
• 30% of sales were first-time homebuyers, up from 28% in July and 26% in September 2024.
• 30% of transactions were cash sales, up from 28% a month ago and unchanged from September 2024.
• 15% of transactions were individual investors or second-home buyers, down from 21% last month and 16% in September 2024.
• 2% of sales were distressed sales⁴ (foreclosures and short sales), unchanged from August and September 2024.

Mortgage Rates

• 6.35%: The average 30-year fixed-rate mortgage in September, according to Freddie Mac, down from 6.59% in August and up from 6.18% one year ago.

About the National Association of REALTORS®

The National Association of REALTORS® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.

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For local information, please contact the local association of REALTORS® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR's Pending Home Sales Index for September will be released October 29, and Existing-Home Sales for October will be released November 20. Release times are 10 a.m. Eastern. See NAR's statistical news release schedule.

¹  Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

² Total inventory and month's supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

³ The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR's quarterly metro area price reports.

⁴ Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR's REALTORS® Confidence Index, posted at nar.realtor.