Higher mortgage rates are reshaping the fall housing market, pushing more sellers to reduce prices while fewer buyers move forward with a purchase, according to the Realtor.com® September 2026 Monthly Housing Trends Report released today.
The share of active listings with a price reduction rose to 20.8% in September, up 0.9 percentage points from a year earlier and the highest September reading since 2018. At the same time, active inventory grew 5.4% year over year to over 1,161,000 homes, narrowing the gap to typical pre-pandemic levels to 9.1%, marking the first time the gap has fallen below 10% in the current recovery. The stock of homes under contract declined 4.1% year over year, marking a second consecutive monthly decline and the steepest annual drop since March 2025.
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“September’s housing data shows that buyers are gaining leverage, but higher mortgage rates are limiting how much of that opportunity they can use,” said Danielle Hale, chief economist at Realtor.com®. “Inventory is improving and more sellers are adjusting prices, yet the decline in pending sales makes clear that affordability remains a central constraint as the fall season gets underway. The coming weeks — including Realtor.com®‘s September 27–October 3 Best Time to Buy window — can be an opportunity for well-prepared buyers, who can navigate today’s higher financing costs, to find more choices, less competition and greater room to negotiate.”
| Metric | September 2026 | Change over August 2026 (MoM) | Change over September 2025 (YoY) | Change over September 2019 | Change over September 2022 |
| Median listing price | $419,250 | -1.2 % | -1.4 % | 34.2 % | -2.0 % |
| Active listings | 1,161,615 | 1.9 % | 5.4 % | -5.2 % | 58.8 % |
| New listings | 394,830 | -1.7 % | -0.7 % | -12.9 % | 0.2 % |
| Median days on market | 61 | 1 | -1 | -1 | 14 |
| Price reductions | 20.8 % | 0.5 | 0.9 | 3.4 | 0.6 |
| Median List Price Per Sq.Ft. | $223 | -0.6 % | -1.7 % | 48.1 % | 1.1 % |
The national median list price was $419,250 in September, down 1.2% from August and 1.4% from a year ago. This was the 11th consecutive month of annual list-price declines. Price per square foot, which adjusts for changes in the size mix of homes for sale, fell 1.7% year over year. Homes spent a median of 61 days on the market — one day longer than in August but one day fewer than a year earlier.
More Choices, but a More Cautious Buyer
Inventory growth accelerated even as the typical seasonal pace of new supply slowed. Active listings rose 5.4% from a year earlier, the fastest annual gain in six months, while new listings slipped 0.7% year over year to under 395,000. The Northeast and Midwest led inventory growth, up 11.6% and 11.3%, respectively, while the West (+6.2%) and South (+2.6%) also posted gains. Forty-three of the nation’s 50 largest metros recorded more homes for sale than a year ago.
“More homes are available than they were a year ago, and the inventory gap with the pre-pandemic market is closing,” said Jake Krimmel, senior economist, Realtor.com. “But the source of that improvement matters. It is arriving as demand cools in response to higher borrowing costs, not because a new wave of sellers is rushing into the market.”
The increase in available homes has coincided with a pullback in buyer activity. After rates rose nearly 40 basis points over the prior four weeks and stood over 70 basis points above last year’s level, the stock of homes under contract fell 4.1% from a year ago. The slowdown follows August’s first negative annual reading in eight months.
Sellers Cut Prices Rather than Retreat
Sellers have so far not repeated the broad late-summer and early-fall retreat from the market seen last year. About 5.6% % of homes on the market were delisted in September, in line with a year ago and without evidence of a broad delisting spike. Instead, price reductions are becoming the more visible adjustment.
All four regions posted a higher share of price-reduced listings than a year ago for the first time in 2026. Price cuts were most common in the West (22.8% of listings), South (21.6%), and Midwest (20.7%) and least common in Northeast (15.2%). The West recorded the largest annual increase, up 1.8 percentage points from a year earlier.
“Price cuts and delistings tell two different parts of the seller story,” Krimmel said. “More owners are acknowledging that today’s buyers need a lower price, but they are still choosing to stay in the market rather than walk away. That is a healthier adjustment than a widespread retreat — although the next question is whether deeper or repeated reductions can bring buyers back and get more homes under contract.”
Among the 50 largest metros, price reductions were most common in Salt Lake City (33.6%), Denver (32.1%) and Portland, Ore. (31.6%). They were least common in New York (10.3%), Hartford, Conn. (12.6%) and Buffalo, N.Y. (12.9%). Thirty-six of the 50 largest metros had a higher price-cut share than a year ago, up from 27 in August.
Regional Price Trends Underscore a Divided Market
The national price reading continued to mask meaningful regional variation. Median list prices fell year over year in the Northeast (-3.8%), South (-2.4%) and West (-0.8%), while the Midwest was flat for a second consecutive month. When adjusted for home size, the Midwest was the only region where price per square foot increased (+1.7%).
On a price-per-square-foot basis, 37 of the 50 largest metros posted annual declines. Austin (-8.4%), Tampa, Fla. (-6.0%) and San Francisco (-4.3%) saw the largest declines, while Providence, R.I. (+8.9%), Indianapolis (+4.7%) and Hartford (+3.6%) posted the largest gains.
“Buyers are gaining negotiating power, but that does not look the same everywhere,” Krimmel said. “The West is seeing the sharpest rise in price cuts, while the Midwest has held up better on prices per square foot. Local supply, affordability, and rate sensitivity are increasingly determining how quickly each market adjusts.”
What to Watch Next
As the market heads deeper into fall, the key test will be how sellers respond if higher rates continue to constrain demand. Realtor.com® economists will monitor the depth and frequency of price reductions, whether price cuts generate more signed contracts, and whether sellers begin to delist homes at a higher rate. The divergence between rising inventory and falling pending sales will also be a key indicator of whether the market is moving toward a more prolonged period of stagnation.
September 2026 National and Regional Housing Overview
| Region | Active Listing Count, YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price Per SF, YoY | Median Days on Market, Y-Y (Days) | Price Reduced Share | Price Reduced Share, Y-Y (Percentage Points) |
| Northeast | 11.6 % | -0.3 % | $505,000 | -3.8 % | -0.8 % | 1 | 15.2 % | 1.2 |
| Midwest | 11.3 % | -0.1 % | $320,000 | 0.0 % | 1.7 % | 2 | 20.7 % | 1.5 |
| South | 2.6 % | -0.1 % | $379,000 | -2.4 % | -2.8 % | -1 | 21.6 % | 0.5 |
| West | 6.2 % | 0.3 % | $595,000 | -0.8 % | -1.1 % | -2 | 22.8 % | 1.8 |
| National Average | 5.4 % | -0.7 % | $419,250 | -1.4 % | -1.7 % | -1 | 20.8 % | 0.9 |
September 2026 Top 50 Metros Housing Overview
| Metro | Active Listing Count YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price Per SF, YoY | Median Days on Market, YoY (Days) | Price- Reduced Share | Price- Reduced Share, YoY (Percentage Points) |
| Atlanta-Sandy Springs-Roswell, GA | 4.3 % | -2.8 % | $415,000 | 0.0 % | -0.7 % | 1 | 23.7 % | -0.3 |
| Austin-Round Rock-San Marcos, TX | 1.4 % | 2.1 % | $446,450 | -9.8 % | -8.4 % | 1 | 27.3 % | -0.3 |
| Baltimore-Columbia-Towson, MD | 16.2 % | 0.7 % | $375,000 | -2.6 % | -2.6 % | 7 | 22.0 % | 2.1 |
| Birmingham, AL | 9.8 % | -5.9 % | $289,950 | -3.3 % | -1.1 % | 4 | 18.4 % | -0.2 |
| Boston-Cambridge-Newton, MA-NH | 16.1 % | -1.9 % | $784,778 | -3.4 % | -2.9 % | 7 | 16.6 % | -1.9 |
| Buffalo-Cheektowaga, NY | 28.0 % | 7.6 % | $267,450 | -2.7 % | -0.9 % | 5 | 12.9 % | 1.8 |
| Charlotte-Concord-Gastonia, NC-SC | 10.3 % | -7.5 % | $424,950 | -3.1 % | -1.4 % | 6 | 26.2 % | 0.7 |
| Chicago-Naperville-Elgin, IL-IN | -5.3 % | -7.8 % | $389,450 | 4.6 % | 3.4 % | -2 | 16.3 % | -0.2 |
| Cincinnati, OH-KY-IN | 18.0 % | -1.6 % | $347,000 | 0.9 % | -0.6 % | 5 | 22.3 % | 2.9 |
| Cleveland, OH | 16.7 % | 2.1 % | $259,900 | 0.0 % | 0.2 % | 1 | 21.1 % | 2.7 |
| Columbus, OH | 13.8 % | 3.5 % | $374,950 | 0.0 % | -0.1 % | 3 | 28.8 % | 0.7 |
| Dallas-Fort Worth-Arlington, TX | -2.3 % | -2.4 % | $422,495 | -0.6 % | -2.1 % | -1 | 27.5 % | 0.0 |
| Denver-Aurora-Centennial, CO | 6.7 % | -5.9 % | $569,900 | -4.9 % | -3.1 % | -3 | 32.1 % | 1.3 |
| Detroit-Warren-Dearborn, MI | 13.0 % | -6.5 % | $274,950 | 0.0 % | 2.8 % | 3 | 21.5 % | 2.8 |
| Hartford-West Hartford-East Hartford, CT | 9.4 % | 3.9 % | $449,900 | 1.2 % | 3.6 % | -1 | 12.6 % | 1.5 |
| Houston-Pasadena-The Woodlands, TX | 5.3 % | 4.3 % | $353,995 | -1.7 % | -2.2 % | -1 | 20.2 % | 0.4 |
| Indianapolis-Carmel-Greenwood, IN | 19.9 % | 1.6 % | $310,000 | -4.1 % | 4.7 % | 6 | 30.5 % | 0.8 |
| Jacksonville, FL | -13.7 % | -6.8 % | $379,000 | -3.9 % | -1.3 % | -10 | 24.8 % | -1.3 |
| Kansas City, MO-KS | 0.4 % | -2.8 % | $389,975 | 0.8 % | 1.6 % | -1 | 19.4 % | 0.4 |
| Las Vegas-Henderson-North Las Vegas, NV | 6.3 % | -0.3 % | $464,900 | -2.1 % | -2.8 % | 1 | 25.0 % | 1.8 |
| Los Angeles-Long Beach-Anaheim, CA | 4.2 % | -1.9 % | $1,034,500 | -5.9 % | -2.8 % | -2 | 17.1 % | 1.9 |
| Louisville/Jefferson County, KY-IN | 27.1 % | 2.3 % | $312,000 | -1.6 % | 0.0 % | 5 | 24.5 % | 2.5 |
| Memphis, TN-MS-AR | 8.1 % | -4.6 % | $299,950 | -8.7 % | -2.4 % | 5 | 24.3 % | 0.3 |
| Miami-Fort Lauderdale-West Palm Beach, FL | -12.3 % | 4.6 % | $490,000 | -2.0 % | -0.6 % | -4 | 14.9 % | -1.4 |
| Milwaukee-Waukesha, WI | 9.9 % | -6.7 % | $399,450 | 0.2 % | 2.0 % | 5 | 17.0 % | 0.0 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 31.2 % | -1.1 % | $407,500 | -4.1 % | -2.5 % | 3 | 23.0 % | 4.1 |
| Nashville-Davidson–Murfreesboro–Franklin, TN | 12.0 % | -2.4 % | $533,995 | -1.0 % | -1.3 % | 3 | 22.5 % | 0.3 |
| New York-Newark-Jersey City, NY-NJ | 6.3 % | -4.6 % | $742,000 | -2.3 % | -0.9 % | -2 | 10.3 % | 1.2 |
| Oklahoma City, OK | 10.5 % | 0.6 % | $312,450 | -2.4 % | 0.6 % | 5 | 23.6 % | -0.2 |
| Orlando-Kissimmee-Sanford, FL | 0.3 % | 5.1 % | $410,000 | -2.5 % | -2.8 % | -3 | 22.7 % | -0.2 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 14.7 % | 1.8 % | $374,950 | -2.6 % | -1.2 % | 4 | 18.5 % | 1.1 |
| Phoenix-Mesa-Chandler, AZ | 7.5 % | 3.6 % | $475,000 | -4.8 % | -1.9 % | -3 | 29.0 % | 2.0 |
| Pittsburgh, PA | 15.6 % | 0.5 % | $245,000 | -3.9 % | -0.9 % | 2 | 22.2 % | 0.4 |
| Portland-Vancouver-Hillsboro, OR-WA | 6.9 % | 4.4 % | $587,750 | -1.9 % | -2.0 % | -1 | 31.6 % | 1.3 |
| Providence-Warwick, RI-MA | 22.4 % | 0.5 % | $569,450 | -4.2 % | 8.4 % | 3 | 14.2 % | 0.6 |
| Raleigh-Cary, NC | 7.6 % | 7.6 % | $445,000 | -2.6 % | -3.1 % | 1 | 24.1 % | -0.4 |
| Richmond, VA | 21.3 % | -5.7 % | $439,925 | 2.3 % | 1.0 % | -2 | 19.1 % | 1.8 |
| Riverside-San Bernardino-Ontario, CA | 0.1 % | 3.6 % | $584,984 | -1.7 % | -1.4 % | -3 | 17.6 % | 0.6 |
| Sacramento-Roseville-Folsom, CA | 1.8 % | 9.8 % | $599,950 | -2.6 % | 0.0 % | -5 | 22.0 % | -0.3 |
| St. Louis, MO-IL | 16.3 % | -1.6 % | $285,950 | -4.7 % | -1.5 % | 4 | 19.9 % | 1.1 |
| Salt Lake City-Murray, UT | 14.1 % | 4.2 % | $564,950 | -3.6 % | 0.8 % | 1 | 33.6 % | 6.9 |
| San Antonio-New Braunfels, TX | 6.0 % | -2.0 % | $320,374 | -2.9 % | -3.5 % | -2 | 25.4 % | -1.9 |
| San Diego-Chula Vista-Carlsbad, CA | -1.5 % | -0.1 % | $888,450 | -6.3 % | -3.4 % | -3 | 20.4 % | 0.6 |
| San Francisco-Oakland-Fremont, CA | -10.9 % | -8.1 % | $957,475 | -1.8 % | -4.3 % | -4 | 13.4 % | 0.5 |
| San Jose-Sunnyvale-Santa Clara, CA | 17.4 % | 0.3 % | $1,388,472 | 1.7 % | 0.5 % | -1 | 16.4 % | 4.6 |
| Seattle-Tacoma-Bellevue, WA | 28.5 % | -7.4 % | $749,970 | -2.4 % | -2.5 % | 5 | 25.0 % | 4.4 |
| Tampa-St. Petersburg-Clearwater, FL | -3.8 % | -2.1 % | $385,398 | -6.6 % | -6.0 % | -3 | 27.5 % | 0.6 |
| Tucson, AZ | 2.5 % | 3.4 % | $372,500 | -3.2 % | -1.9 % | -6 | 22.2 % | 1.5 |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | 14.7 % | 8.3 % | $429,950 | 4.9 % | 2.4 % | 0 | 21.6 % | -1.9 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 16.2 % | -0.8 % | $572,150 | -4.6 % | -2.5 % | 5 | 20.1 % | 2.0 |
