September 2026
U.S. existing-home sales fell 2.0% from the previous month and 1.2% from a year earlier to a seasonally adjusted annual rate of 3.98 million, the first reading below 4 million since June 2025, according to the National Association of REALTORS® (NAR). Sales held steady in the West and declined in the Northeast, Midwest, and South.Compared with a year earlier, sales were unchanged in the South and declined in the Northeast, Midwest, and West.
New Listings in the Twin Cities region increased 3.0 percent to 6,571. Pending Sales were down 11.7 percent to 3,541. Inventory levels rose 11.2 percent to 12,411 units.
Prices continued to gain traction. The Median Sales Price increased 1.3 percent to$395,000. Days on Market was up 9.1 percent to 48 days. Buyers felt empowered as Months Supply of Homes for Sale was up 10.3 percent to 3.2 months.
Heading into September, there were 1.62 million homes listed for sale, up 3.2% from the previous month and 5.9% from a year earlier, the first time inventory has exceeded 1.6 million units since November 2019, NAR reported. That represents a 4.9-month supply at the current sales pace, up from 4.6 months a month earlier and the highest level in over ten years, according to NAR Chief Economist Lawrence Yun. The median existing-home sales price rose 1.6% year-over-year to $429,100, marking 38 consecutive months of annual gains, and year-to-date sales are up 1.6%. The Federal Reserve raised its benchmark rate by a quarter point on September 16 to a range of 3.75% to 4%, its first increase since July 2023, and the 30-year fixed-rate mortgage moved above 7% in late September, up from an August average of 6.67%, according to Freddie Mac.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
