Existing Home Sales Rose Last Month, But The Bigger Picture Hasn't Changed

Existing-home sales climbed modestly in September, rising 1.5% to a seasonally adjusted annual rate of 4.06 million , according to the National Association of Realtors (NAR). Sales were also 4.1% higher than a year earlier as easing mortgage rates and better affordability began to lift demand. Even so, the market remains well below pre-pandemic norms as many owners stay put. “As anticipated, falling mortgage rates are lifting home sales,” said NAR Chief Economist Lawrence Yun. “Improving housing affordability is also contributing to the increase in sales.” Yun added that inventory levels are near a five-year high but remain below pre-COVID averages. “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.” Regional Breakdown (Sales and Prices, September 2025) Region Sales (annual rate) MoM Change Median Price YoY Change Northeast 490k +2.1% $500,300 +4.1% Midwest 940k -2.1% $320,800 +4.7% South 1.86m +1.6% $364,500 +1.2% West 770k +5.5% $619,100 +0.4%