Core Insights - Inventory levels in the housing market are 20% higher year-over-year, marking the 21st consecutive month of annual growth [1][2] - Home sales in September increased by 8.5% compared to the previous year, although there was a 4.6% decline from August [1][6] - The median sales price in September was $439,000, reflecting a decrease of $6,000 (1.3%) from August but an increase of $9,000 (2.1%) from September 2024 [3][8] Inventory and Sales Trends - Active inventory rose by 20.0% year-over-year across 52 metro areas surveyed [2] - The months' supply of inventory increased to 3.0 months, up from 2.6 in September 2024 and 2.8 in August 2025 [6][13] - New listings saw a 0.9% increase compared to September 2024 and a 4.5% increase from August 2025 [6][7] Pricing Dynamics - Sellers accepted 98% of the asking price in September, down from 99% in August 2025 and September 2024 [3][10] - The average close-to-list price ratio across the 52 metro areas was 98%, indicating homes sold for less than the list price [10][11] - Milwaukee, WI experienced the largest year-over-year increase in median sales price at +11.5% [4][9] Market Performance - Days on market averaged 48 days, which is an increase of one day from August and seven days from September 2024 [6][12] - The markets with the lowest days on market included Manchester, NH at 20 days and Milwaukee, WI at 23 days [5][12] - The highest year-over-year sales increases were observed in Honolulu, HI (+55.2%), Omaha, NE (+20.9%), and Raleigh, NC (+20.3%) [8]

Core Insights - Nearly 20% of American homes listed for sale experienced price cuts in September, indicating a shift in market dynamics favoring buyers [1][5] - Price reductions are more prevalent in lower-priced homes, while high-end sellers tend to hold firm on prices due to greater financial flexibility [2][4] Market Trends - The percentage of listings with price cuts remained at 19.9%, consistent with August but showing a slight increase from the previous year [1] - Homes priced between $350,000 and $500,000 saw the largest markdowns at 21.6%, while luxury properties over $1 million had a lower reduction rate of 13.3% [1] Regional Variations - Price cut trends varied by region, with only 14% of listings in the Northeast experiencing reductions, compared to approximately 21% in the South and West [7] - Major metropolitan areas like Denver, Portland, and Indianapolis had the highest rates of price reductions, at 30.7%, 30.2%, and 29.7% respectively [7] Inventory and Selling Dynamics - Active inventory increased by 17% year-over-year in September, maintaining over 1 million homes on the market for five consecutive months, although still 14% below pre-pandemic levels [8] - Homes are taking longer to sell, with the median time on the market rising to 62 days, which is one week longer than last year [10] Price Stability and Market Sentiment - The median list price remained stable at $425,000, unchanged from the previous year but approximately 36% higher than in 2019 [10] - The current housing market reflects a more balanced environment, with price reductions signaling a shift towards a buyer-friendly market [5][11]