The housing market heading into November 2026 is defined by one tension: more homes are available, but fewer buyers can afford to act. Mortgage rates passed 7% in September, pending sales dropped, and sellers are cutting prices more often than a year ago. Prices overall are still slightly higher than last year.
This brief pulls together the latest published numbers from NAR, Realtor.com, Redfin and Freddie Mac, with a link and date for each, followed by practical takeaways for listing agents. Each source defines and measures things differently, so figures are not directly interchangeable.
The Big Picture
Existing-home sales were 3.99 million (seasonally adjusted annual rate) in September, up 1.5% from August but down 2.2% from a year earlier (NAR).
The median existing-home price was $417,500, up 1.3% from a year earlier (NAR).
Active listings were about 1.16 million, up 5.4% from a year earlier (Realtor.com).
20.8% of listings had a price cut, the highest monthly share since October 2022 (Realtor.com).
Pending home sales fell 4% from August, the largest monthly drop in more than three years (Redfin).
The 30-year fixed mortgage rate averaged 7.24% on October 29, up from 6.17% a year earlier (Freddie Mac).
Sales and Prices (NAR)
NAR's September report, released October 13, 2026, showed sales ticking up on a monthly basis but staying below last year. NAR's chief economist said August and September were the two slowest months for home sales this year.
Metric (September 2026)FigureExisting-home sales (SAAR)3.99 million (+1.5% m/m, -2.2% y/y)Median existing-home price$417,500 (+1.3% y/y)Total inventory1.60 million (+1.9% m/m, +4.6% y/y)Months' supply4.8 (unchanged from August; 4.5 a year earlier)Median time on market33 daysFirst-time buyers31% of salesCash sales27% of transactions
The median price marked the 39th consecutive month of year-over-year gains, though the gain was small.
By region (median price, change from September 2025):
RegionMedian priceY/Y priceSales y/yNortheast$523,600+4.7%-4.1%Midwest$329,600+3.1%-2.1%South$361,000+0.2%-0.5%West$613,600-0.3%-5.2%
Source: NAR, Oct. 13, 2026. NAR notes that median prices should only be compared with the same month a year earlier because of seasonality.
Inventory, Listing Prices and Price Cuts (Realtor.com)
Realtor.com's September report, published September 30, 2026, tracks active listings on its platform and focuses on what sellers are doing.
Metric (September 2026)FigureMedian list price$419,250 (-1.2% m/m, -1.4% y/y)Active listings1,161,615 (+1.9% m/m, +5.4% y/y)New listings394,830 (-1.7% m/m, -0.7% y/y)Median days on market61 (+1 m/m, -1 y/y)Listings with price cuts20.8% (+0.9 points y/y)
Realtor.com noted that inventory is 9.1% below typical pre-pandemic levels, the narrowest gap since the pandemic. The median list price fell year over year for an 11th straight month. Regionally, price cuts were most common in the West (22.8%) and South (21.6%) and least common in the Northeast (15.2%).
Source: Realtor.com Economic Research, Sept. 30, 2026.
Demand and Deal Flow (Redfin)
Redfin's September analysis, published October 12 and updated October 13, 2026, offers a read on demand.
Pending home sales fell 4% month over month (seasonally adjusted) to their lowest level since spring 2014, excluding April 2020.
Pending sales fell year over year in every one of the 50 most populous metros, with the largest declines in Seattle (-24.4%), Los Angeles (-16.0%) and San Diego (-15.8%).
The median sale price was $393,895, up 1.3% year over year, the smallest gain since February.
60.5% of homes sold in September went for less than the original asking price.
19.8% of active listings had a price drop in September.
14.5% of deals that went under contract were canceled, the highest share in Redfin's records outside of March and April 2020.
Source: Redfin, Oct. 12, 2026. Redfin's figures are seasonally adjusted except for median sale price and mortgage rates.
Why It's Happening: Rates
Freddie Mac's 30-year fixed average was 7.24% on October 29, down from 7.32% the week before but above the 6.17% of a year ago. The 15-year averaged 6.60%. Realtor.com said rates crossed 7% in September for the first time since January 2025, which it linked to the early drop in fall demand. (For the payment math and talking points, see our November 2026 mortgage rates article.)
Sources: Freddie Mac, Oct. 29, 2026; Realtor.com, Sept. 30, 2026.
Where Local Markets Differ
The national picture hides sharp differences, so read it as context rather than a forecast for your zip code.
Prices: Redfin's September data showed median sale prices rising most in San Francisco (+14.6%), Cleveland (+7.9%) and St. Louis (+6.7%), and falling most in Seattle (-4.4%), San Jose (-3.4%) and Denver (-2.6%).
Inventory: Realtor.com showed active listings up in 43 of the 50 largest metros, with the largest increases in Minneapolis (+31.2%), Seattle (+28.5%) and Buffalo (+28.0%), and the largest declines in Jacksonville (-13.7%), Miami (-12.3%) and San Francisco (-10.9%).
What This Means for Listing Agents
Pricing is the first marketing decision. With price cuts at multi-year highs and most homes selling under the original ask, an accurate starting price is more effective than a reduction later. Redfin's Boston agent source in the report advised sellers to price realistically and prepare the home meticulously, since a home that lingers may lead to price cuts or delistings.
Presentation carries more weight. When buyers have more options, quality photos, staging and clear descriptions help a listing earn a showing. Our new listing launch checklist covers the steps in order.
Expect more negotiation. NAR's chief economist said higher inventory and lengthening days on market give buyers improved negotiating power. Be ready to discuss credits, repairs and rate buydowns with sellers.
Prepare for contract cancellations. With a record share of deals falling through, review inspection and financing timelines with your clients early, and keep backup buyers warm.
Use every channel. In a slower market, one MLS entry is not enough. See our guide on how to market your new listings for a seven-step plan.
What to Watch in November
Freddie Mac's weekly rate, next released Thursday, November 5, 2026.
NAR's October existing-home sales, due in November, for the first look at how sales responded to rates above 7%.
Realtor.com's October report, for whether price cuts and inventory growth continued. Realtor.com had flagged that it would watch whether deeper discounts lead to more signed contracts or simply leave homes sitting longer.
Standing Out in a Crowded Market
When inventory rises, each listing competes with more homes for the same buyers. Listing Boosted publishes the Only Homes Collection, a real estate magazine with 25,000+ readers per issue, giving agents a printed and digital place to showcase a listing alongside their other marketing. You can view the packages or reserve space for an upcoming issue.
Sources
NAR, "Existing-Home Sales Increased 1.5% in September," Oct. 13, 2026: https://www.nar.realtor/newsroom/existing-home-sales-increased-1-5-in-september-according-to-nar-report
Realtor.com Economic Research, "September 2026 Monthly Housing Trends," Sept. 30, 2026: https://www.realtor.com/research/september-2026-data/
Redfin, "U.S. Pending Home Sales Sink Near 12-Year Low," Oct. 12, 2026 (updated Oct. 13): https://www.redfin.com/news/pending-home-sales-sink-rates/
Freddie Mac, Primary Mortgage Market Survey, Oct. 29, 2026: https://www.freddiemac.com/pmms
This article is for general information only. Market conditions vary by area; consult your local MLS data.
