Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.
Data
Existing-Home Sales
Existing-home sales increased by 1.5% month-over-month in September. 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.
Pending Home Sales
Pending home sales in September showed no change from the prior month and fell 0.9% year over year.Month-over-month and year-over-year pending home sales rose in the Northeast and South but declined in the Midwest and West.
Housing Affordability Index
The housing affordability index rose slightly to 100.5 in August from 97.9in July. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home.
REALTORS® Confidence Index
The median time on market for properties was 33 days, up from 31 days in August and 28 days in September 2024. Thirty percent of sales were first-time homebuyers, up from 28% in July and 26% in September 2024, and 30% of transactions were cash sales, up from 28% a month ago and unchanged from September 2024.
How REALTORS® Can Use This
REALTORS® can use existing-home sales and pending home sales data to gauge current demand trends and anticipate market shifts. They can also utilize the affordability and quarterly data to identify pricing patterns and assess buyer capacity across different regions to adapt strategies for their clients.
Videos
- Ask the Economist: How Does NAR Gather Data on First-Time Buyers?
- Ask the Economist: What Do Housing Wealth Gains Mean to Consumers?
- Ask the Economist: With the Federal Reserve Lowering Interest Rates How Many More Cuts Do You Expect?
- Ask the Economist: What Does It Mean for Consumers if Mortgage Rates Decline?
How REALTORS® Can Use This
“Ask the Economist” is a new video series that gives REALTORS® a quick, easy-to-digest update straight from NAR’s Research Team on new economic trends and market activity. REALTORS® can use this in listing appointments to show buyers/sellers they’re up-to-date on interest rates, housing inventory, etc.; buyer consultations to explain why now might be a good time to act or wait based on real data; email follow-ups: “Here’s what NAR’s latest economist update says about local trends.”
Reports
- REALTORS® Residential Sustainability Report
- REALTOR® Technology Survey
- Highlights from the NAR Member Profile (member login required)
How REALTORS® Can Use This
REALTORS® can leverage NAR reports to provide clients with data-driven insights on specific market conditions and equip themselves with important knowledge about the market. This empowers members to assist buyers and sellers in making informed decisions regarding timing, pricing, and location.
Articles on the Economy
- Tech With a Human Touch: How REALTORS® Are Using Tech Tools in Today’s Real Estate Market
- Tracking Unemployment Insurance Claims, Week of September 20, 2025
- Where Are Buyers Paying Cash for Homes?
- Sustainability as a Hidden Driver in Residential Real Estate Investments
Instant Reactions
How REALTORS® Can Use This
REALTORS® can use the Economists’ Outlook blog to stay updated on experts’ commentary, economic forecasts, housing market outlooks, and regional trends, and then use these insights to help clients on timing purchases or sales based on anticipated market movement. By sharing analysis of the housing market and translating it into consumer-friendly guidance, agents can build credibility and empower their clients to navigate the housing market with confidence.