U.S. housing inventory rose to 1,161,615 active listings in September 2026 as more sellers reduced asking prices and pending activity weakened. The shift gives buyers more homes to compare, while mortgage rates above 7% continue to shape affordability. The latest data show how supply, pricing and demand are moving into the fall market.
Key Takeaways
- Active U.S. listings reached 1,161,615 in September, up 5.4% from a year earlier
- Price reductions appeared on 20.8% of active listings, a level not recorded since October 2022
- Pending listings fell 4.1% year over year, while new listings declined 0.7%
- Freddie Mac’s average 30-year fixed mortgage rate reached 7.28% on October 1
U.S. housing inventory moved further above year-ago levels in September, giving buyers a wider selection as more sellers adjusted asking prices. Realtor.com counted 1,161,615 active listings, up 5.4% from September 2025 and 1.9% from August.
The supply increase did not come from a surge in newly listed properties. New listings declined 0.7% from a year earlier, while the stock of pending listings fell 4.1%. The figures indicate that more homes remained available as contract activity weakened.
The national median listing price was $419,250, down 1.4% from September 2025. Median list price per square foot declined 1.7%. Those figures measure asking prices rather than completed sale prices, making that distinction important when assessing broader home-value trends.
U.S. Housing Inventory Grows as Pending Activity Slows
September extended a broader increase in available housing supply. Realtor.com reported that active inventory remained 9.1% below typical pre-pandemic levels, while the gap continued to contract compared with earlier post-pandemic periods.
The National Association of Realtors also reported a larger pool of existing homes heading into September. Total existing-home inventory reached 1.62 million units at the end of August, up 3.2% from July and 5.9% from August 2025. That represented 4.9 months of supply at the current sales pace.
The Realtor.com and NAR inventory figures are not directly comparable because the organizations use different methodologies and reporting periods. Both datasets, however, show more homes available than a year earlier while transaction activity remains restrained.
Regional supply changes were uneven. Active listings rose 11.6% year over year in the Northeast and 11.3% in the Midwest. Inventory increased 6.2% in the West and 2.6% in the South.
The changing balance between listings and buyers has also increased the importance of initial pricing. Earlier data on home sellers reducing asking prices showed that price adjustments were already becoming more common during the summer as borrowing costs and seasonal demand influenced activity.
Seller Price Cuts Spread Across Major U.S. Markets
Price reductions appeared on 20.8% of active listings in September, up 0.9 percentage points from a year earlier and 0.5 points from August, according to Realtor.com. That level had not been recorded in the monthly data since October 2022.
All four major regions recorded higher price-cut shares than a year earlier. The West was at 22.8%, followed by the South at 21.6%, the Midwest at 20.7% and the Northeast at 15.2%.
Differences were also visible across major metropolitan markets. Among the 50 metros tracked by Realtor.com, Salt Lake City had a price-cut share of 33.3%, Denver was at 31.5% and Portland was at 31.3%.
New York recorded a 9.9% price-cut share, while Hartford was at 12.3% and Buffalo at 13.0%. Thirty-six of the 50 metros had higher price-cut shares than a year earlier.
Regional asking prices also moved differently. Median list prices declined 3.8% year over year in the Northeast, 2.4% in the South and 0.8% in the West. The Midwest was unchanged.
The national figures do not establish that completed home prices are falling at the same rate. NAR reported a median existing-home sale price of $429,100 in August, up 1.6% from a year earlier. Listing prices, price reductions and final sale prices capture different stages of a housing transaction.
Mortgage Rates Keep Affordability in Focus
Financing costs moved higher as sellers adjusted prices. Freddie Mac reported that the average 30-year fixed mortgage rate reached 7.28% on October 1, up from 7.03% the previous week and 6.34% a year earlier. The average 15-year fixed rate was 6.60%.
Higher mortgage rates increase monthly borrowing costs at a given purchase price, limiting purchasing power for some households even as more listings become available. Recent mortgage affordability pressures have therefore remained an important factor in housing activity.
NAR reported that existing-home sales declined 2.0% from July to August to a seasonally adjusted annual rate of 3.98 million. Sales were 1.2% below August 2025 levels.
Realtor.com also reported that the typical September listing spent 61 days on the market. That was one day faster than a year earlier but 14 days longer than in September 2022, showing how market conditions vary depending on the comparison period.
The combination of more than 1.16 million active listings, a 20.8% price-cut share and a 7.28% average 30-year mortgage rate places supply, seller pricing and borrowing costs at the center of the early fall housing market. U.S. housing inventory has expanded, while regional supply, financing costs and buyer demand continue to shape individual markets differently.
Frequently Asked Questions
How much U.S. housing inventory was available in September 2026?
Realtor.com reported 1,161,615 active listings in September, up 5.4% from September 2025. U.S. housing inventory remained below typical pre-pandemic levels despite the year-over-year increase.
How common were seller price cuts in September?
Price reductions appeared on 20.8% of active listings in September. That was 0.9 percentage points higher than a year earlier and a level not recorded since October 2022.
Are U.S. home prices falling nationwide?
The data do not show a uniform nationwide decline in completed sale prices. Realtor.com reported a lower median listing price in September, while NAR reported that the median existing-home sale price increased 1.6% year over year in August.
What was the average mortgage rate at the start of October 2026?
Freddie Mac reported that the average 30-year fixed mortgage rate reached 7.28% on October 1, 2026. The average 15-year fixed mortgage rate was 6.60%.
