NAR Existing-Home Sales Report Shows 1.5% Increase in September
Month-over-month sales increased in the Northeast, South and West, and fell in the Midwest.
MARKET CONDITIONSEXISTING-HOME SALES
NAR Existing-Home Sales Report Shows 1.5% Increase in September
National Association of REALTORS®, Media Relations | October 23, 2025
Month-over-month
1.5% increase in existing-home sales – seasonally adjusted annual rate of 4.06 million in September
1.3% increase in unsold inventory – 1.55 million units equal to 4.6 months' supply
Year-over-year
4.1% increase in existing-home sales
2.1% increase in median existing-home sales price to $415,200
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 sales 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 inventory, 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 price 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 sales (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.
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.