Price Cuts Reach Yearly High as Inventory Nears Pre-Pandemic Levels: Realtor.com® September Housing Report

Sellers are reducing prices rather than broadly withdrawing listings, while homes under contract fell 4.1% year over year.

Rhea-AI Summary

Realtor.com released its September 2026 housing report, showing price reductions on 20.8% of active listings as buyer activity weakened. That share rose 0.9 percentage points year over year and reached the highest September reading since 2018. Active inventory increased 5.4% year over year to 1,161,615 homes, while homes under contract declined 4.1%, the second consecutive monthly annual decline.

The national median listing price fell 1.4% year over year to $419,250, its 11th consecutive annual decline. New listings decreased 0.7% to 394,830. Homes spent a median of 61 days on the market, one day longer than August but one day fewer than a year earlier. All four regions had higher price-cut shares than a year earlier; the West had the highest at 22.8%. Realtor.com economists said higher borrowing costs were cooling demand even as available inventory increased.

Key Figures

Listings with price reductions: 20.8% Active listings: 1,161,615 homes Homes under contract: -4.1% +2 more

Listings with price reductions

20.8%

September 2026; up 0.9 percentage points year over year and the highest September reading since 2018

Active listings

1,161,615 homes

September 2026; up 5.4% year over year

Homes under contract

-4.1%

Year over year in September 2026

Median listing price

$419,250

September 2026; down 1.4% year over year

Consecutive annual listing-price declines

11 months

Through September 2026

Key Terms

basis points

1 terms

basis points financial

"rates rose nearly 40 basis points over the prior four weeks"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Buyer Leverage Grows as Sellers Remain on the Market Rather than Pulling Listings

AUSTIN, Texas, Sept. 30, 2026 /PRNewswire/ -- 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.

"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

Methodology
Realtor.com housing data as of September 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.

With the release of its January 2025 housing trends report, Realtor.com has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com economics research reports.

The stock of pending listings measures the total number of homes under contract at a given point in time regardless of when they entered that status.

About Realtor.com^®
For over 30 years, Realtor.com^® has connected buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR® agents recommend, Realtor.com® delivers consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media Contact: Mallory Micetich, press@realtor.com 

View original content:https://www.prnewswire.com/news-releases/price-cuts-reach-yearly-high-as-inventory-nears-pre-pandemic-levels-realtorcom-september-housing-report-302893453.html

SOURCE Realtor.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How common were home price cuts in Realtor.com’s September 2026 housing report?

Price reductions appeared on 20.8% of active listings, up 0.9 percentage points from a year earlier. This was the highest September share since 2018.

What happened to home inventory and pending sales in Realtor.com’s September 2026 report?

Active listings increased 5.4% year over year to 1,161,615, while the stock of homes under contract fell 4.1%. The pending-sales decline was the second consecutive monthly annual decline and the steepest annual drop since March 2025.

Which metros had the most price cuts in Realtor.com’s September 2026 report?

Salt Lake City had the highest share of price-reduced listings among the 50 largest metros at 33.6%, followed by Denver at 32.1% and Portland, Oregon, at 31.6%. New York had the lowest share at 10.3%.

What homes does Realtor.com’s September 2026 housing report cover?

The data covers existing single-family homes and condos, townhomes, row homes and co-ops listed on Realtor.com. New construction is excluded unless listed through a multiple listing service that supplies listing data to Realtor.com. Pending listings measure homes under contract at a given point in time, regardless of when they entered that status.

Why might Realtor.com’s September 2026 pending-sales figures differ from its downloadable data?

The report uses a revised national pending-sales series introduced in April 2025, while downloadable data still uses the legacy automated pipeline. The revised series applies enhanced cleaning methods, so slight differences may occur during the transition. Separately, historical restatements mean some data released since January 2025 is not directly comparable with files downloaded before then.