September 2025 Monthly Statistics

U.S. existing-home sales were virtually unchanged from the previous month, dipping just 0.2% to a seasonally adjusted annual rate of 4.0 million units, according to the National Association of REALTORS® (NAR). Most of these transactions went under contract in June and July, when mortgage rates were 40 to 50 basis points higher than current levels. Year-over-year, sales increased by 1.8%, with the strongest activity in the Midwest, where the typical home price is 22% below the national median.

New listings showed mixed trends—decreasing 4.5% for single-family homes but increasing 33.0% for condominiums. Pending sales declined 6.3% for single-family homes but rose 7.7% for condominiums. Inventory grew by 23.7% for single-family homes and 19.0% for condominiums.

Prices and market conditions also varied by property type. The median sales price decreased 9.5% to $1,292,500 for single-family homes and dropped 33.8% to $655,000 for condominiums. Days on market increased 10.4% for single-family homes but fell 6.7% for condominiums. The months’ supply of inventory rose 38.6% for single-family homes and 38.3% for condominiums.

Nationally, housing inventory declined for the first time this year, slipping 1.3% month-over-month to 1.53 million units—a 4.6-month supply at the current sales pace, according to NAR. Despite this monthly decrease, total inventory remained 11.7% higher than the same time last year. Meanwhile, the national median existing-home price rose 2% year-over-year to $422,600, remaining relatively unchanged from the previous month.

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