by Calculated Risk on 10/23/2025 10:00:00 AM

From the NAR: NAR Existing-Home Sales Report Shows 1.5% Increase in September

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
emphasis added

Click on graph for larger image.

This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.

Sales in September (4.06 million SAAR) were up 1.5% from the previous month and were up 4.1% compared to the September 2024 sales rate.  

The second graph shows nationwide inventory for existing homes.

According to the NAR, inventory increased to 1.55 million in September from 1.53 million the previous month.

Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer.

The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.

Inventory was up 14.0% year-over-year (blue) in September compared to September 2024.

Months of supply (red) was unchanged at 4.6 months in September from 4.6 months the previous month.

I'll have more later.