A
n “Open House” sign hangs beside a single‑family home listed for sale on August 22, 2025 in Pasadena, California, photographed by Mario Tama for Getty Images. Existing‑home sales rose 1.5 % from August to September, reaching a seasonally adjusted, annualized 4.06 million units—slightly below forecasts but the fastest pace in seven months. Year‑over‑year, September sales were up 4.1 %.

    Nationwide, the South and Northeast led annual sales, while the West dominated the monthly trend from August onward; the Midwest was the only region to see a month‑to‑month drop. These figures reflect closing activity, with many contracts signed in July and August when mortgage rates were easing but not yet at current lows. The average 30‑year fixed rate fell from 6.67 % in July to 6.17 % today, per Mortgage News Daily. NAR chief economist Lawrence Yun said declining rates and improved affordability are driving the uptick.

    Inventory climbed 14 % from a year earlier to 1.55 million units on September 30, still a historically tight supply. At the current sales velocity, the market holds a 4.6‑month inventory cushion—short of the 6‑month balance considered neutral. Yun added that inventory has hit a five‑year high yet remains below pre‑COVID levels, with few distressed or forced sales as homeowners stay financially comfortable. Rising home prices continue to bolster household wealth.

    The median sale price in September was $415,200, up 2.1 % from a year ago and marking the 27th straight month of gains; prices are 53 % above pre‑COVID levels. High‑end properties saw the largest gains—sales above $1 million rose 20 % YoY, while sub‑$100 k homes grew just under 3 %. First‑time buyers accounted for 30 % of September sales, up from 26 % a year earlier. Cash transactions comprised roughly 30 % of all sales. Homes lingered on the market longer, averaging 33 days versus 28 days a year prior.