US Home Inventory Hits Highest Since 2019 as Sales Stay Slow

US home inventory reached 1.60 million homes for sale in September 2026, the highest level since November 2019, according to reports on National Association of Realtors data, while sales remained slow and prices held up. The combination gives buyers more choice than they have had in years, but high mortgage rates mean that choice has not yet turned into a surge of deals.

Existing-home sales ran at a 3.99 million seasonally adjusted annual pace in September, up 1.5 percent from August but down 2.2 percent from a year earlier. The national median existing-home price was 417,500 dollars, up 1.3 percent from a year earlier and the 39th straight month of annual gains. Unsold inventory rose 1.9 percent from August and 4.6 percent from a year earlier, working out to 4.8 months of supply.

Buyers gain negotiating power

The National Association of Realtors chief economist Lawrence Yun said supply is not really the issue anymore, adding that higher inventory and lengthening days on market give buyers improved negotiating power, according to reports. The median time on market rose to 33 days from 31 in August, while cash buyers made up 27 percent of sales, down from 30 percent a year earlier, and first-time buyers were 31 percent of sales.

Regional patterns varied. Sales in the South rose 2.8 percent from August, while the Northeast, Midwest and West showed mixed results in the detailed breakdown, with median prices ranging from 329,600 dollars in the Midwest to 613,600 dollars in the West. That spread is a reminder that a national median hides very different local realities for buyers and sellers.

Why prices have not fallen with sales

Prices have held up partly because the mix of homes selling has changed, and partly because many owners are locked into low mortgage rates from earlier years and are reluctant to sell and re-borrow at current rates near 7 percent. That lock-in effect keeps some would-be listings off the market, even as overall inventory rises because homes that do list take longer to sell.

For autumn buyers, the practical takeaway is to focus on total monthly cost, not just asking price. A price cut of a few percent can be wiped out by a small rate move, while seller concessions, rate buydowns and closing-cost help can change affordability more directly. Sellers, meanwhile, should expect longer marketing times and should price with recent comparable sales in mind, since September data show buyers are willing to wait when the numbers do not work.

Related reading: Canada home sales fall 2.3 percent as prices ease in September and Toronto home sales drop 9 percent as average price falls 5.1 percent.