September’s national home sale price increased 0.6% from a year ago to $386,000, according to the Homes.com September 2026 housing report. Year over year, home sales declined 6% and active listings increased 1.9%.
Expanding inventory, declining sales, and modest price growth suggest that demand remained sufficient to support prices despite fewer closed transactions. Buyers appear to be more selective as affordability and mortgage rates remain top of mind.
“High costs are keeping some buyers on the sidelines, but there still aren’t enough homes for sale in many markets to bring prices down,” says Brad Case, Homes.com chief residential economist.
“Buyers have more choices and can be more selective than they were a year ago, but that leverage varies significantly by market. Where inventory remains tight, prices are still rising; where supply has grown, sellers face more competition and pressure on pricing.”
The national price gain does not describe every market, Homes.com points out. Across the 40 largest markets, San Francisco posted a 14.7% annual increase in its median sale price to $1,689,500 as inventory declined 14%. Cleveland, Chicago, St. Louis, and Detroit posted increases of more than 5%, while Raleigh, San Antonio, Charlotte, Atlanta, and Dallas-Fort Worth saw prices decline more than 2%.
Sales prices increased from a year earlier in 593 of 933 markets Homes.com tracks, indicating that appreciation remained prevalent despite weaker national sales activity.
Single-family homes gave the strongest boost for national prices, with the median sale price increasing 1.3% to $395,000. Median prices declined 0.1% for townhomes to $355,000 and 1.4% for condominiums to $345,000. Inventory climbed 2.5% for single-family homes and 2.9% for townhomes.
In the near term, mortgage rates, inventory, and sales activity will help determine whether prices remain resilient. Sellers may face additional price pressure, particularly where supply is increasing, if financing remains challenging and inventory expands while sales stay below year prior levels. Outcomes will continue to depend heavily on local inventory conditions and property type, Homes.com says.
