U.S. existing-home sales fell 2% from the previous month and 1.2% from a year earlier to a seasonally adjusted annual rate of 3.98 million, the first reading below 4 million since June 2025, according to the National Association of REALTORS® (NAR). Sales held steady in the West and declined in the Northeast, Midwest, and South. Compared with a year earlier, sales were unchanged in the South and declined in the Northeast, Midwest, and West.
New listings decreased 3.5% for residential homes but increased 3.5% for townhouse/condo homes. Pending sales decreased 16.1% for residential homes and 11.4% for townhouse/condo homes. Inventory increased 15.4% for residential homes and 10.8% for townhouse/condo homes.
Median sales price increased 7.3% to $340,000 for residential homes but decreased 4% to $217,500 for townhouse/condo homes. Days on market increased 6.9% for residential homes and 39.5% for townhouse/condo homes. Months supply of inventory increased 16.7% for residential homes and 11.8% for townhouse/condo homes.
Heading into September, there were 1.62 million homes listed for sale, up 3.2% from the previous month and 5.9% from a year earlier, the first time inventory has exceeded 1.6 million units since November 2019, NAR reported. That represents a 4.9-month supply at the current sales pace, up from 4.6 months a month earlier and the highest level in over ten years, according to NAR Chief Economist Lawrence Yun. The median existing home sales price rose 1.6% year-over-year to $429,100, marking 38 consecutive months of annual gains, and year-to-date sales are up 1.6%. The Federal Reserve raised its benchmark rate by a quarter point on September 16 to a range of 3.75% to 4%, its first increase since July 2023, and the 30-year fixed-rate mortgage moved above 7% in late September, up from an August average of 6.67%, according to Freddie Mac.
ENCOMPASSING DATA FROM ST. LOUIS CITY AND COUNTY