September 2026 Housing Market: Single-Family Market Under Rate Pressure

Inventory Climbs as Supply Edges Toward Buyer's-Market Territory

Total single-family detached inventory rose 10.6% year-over-year in September, continuing the return to average historical levels even as net new listings decline. Measured against September 2024, inventory is up 22.1%.

Months of inventory stands at 5.46 — a neutral reading that is trending toward buyer's-market territory. Median days on market increased modestly to 55 days, up 1.9% from 54 days one year ago.

Contracts and Net New Listings Post Double-Digit Declines

Buyer and seller activity both slipped by double digits in September, their sharpest joint decline in over a year. 253,751 single-family detached properties went under contract, down 10.8% versus September 2025, while net new listings fell 15.2% to 241,970. The decline in net new listings was driven by a 7.5% decrease in new listing volume combined with a 20.5% increase in removals.

Over the trailing 52 weeks, contracts totaled 2,887,658, down 1.2% year-over-year, while net new listings of 2,878,708 were down 2.9%. With contracts running ahead of net new listings, net new inventory was negative across both windows — down 8,950 units over the past 52 weeks and down 11,781 in September alone.

Prices Hold Stable as Price Cuts Stay Near Multi-Year Highs

Single-family detached prices exhibited stability in September. The median listing price was $450,653, down 0.7% year-over-year, while the median closed price rose 3.9% to $433,765. Month-over-month, the median listing price decreased 0.7%, reflecting typical seasonality, while the median closed price edged up 0.3%.

On a per-square-foot basis, the median listed price-per-sqft is $237.7 (down 0.8% YoY) and the median closed price-per-sqft is $240.2 (up 2.3% YoY). The sale-to-list price ratio stands at 97.7%, and price cuts are up 5.3% versus September 2025, remaining near multi-year highs.

Rental Market: Supply Keeps Contracting as Rents Edge Up

The single-family detached rental market saw inventory contract 18.1% year-over-year, and it now sits 6.2% below September 2024 levels. The median listed rent increased 0.9% year-over-year to $2,457, while month-over-month rents are down 1.3%.

Condo Market: Months of Supply Climbs Past Seven

The condo market — which includes townhomes, rowhomes, and other single-family attached units — continues to run more buyer-friendly than the detached segment. Total condo inventory is up 12.6% year-over-year and up 26.2% versus 2024. Months of inventory stands at 7.06, squarely in buyer's-market territory, while median days on market held at 66 days, unchanged from one year ago.

Condo activity fell even more sharply than single-family detached. 51,065 condos went under contract in September, down 16.3% year-over-year, while net new condo listings fell 20.0% to 53,474. That decline was driven by an 8.3% decrease in new condo listing volume combined with a 26.1% increase in removals.

Condo pricing remains softer than detached. The median condo listing price was $391,371, down 3.7% year-over-year, while the median closed price was $383,320, down 0.4% — unlike single-family detached, where closed prices are still rising. The sale-to-list ratio for condos sits at 96.7%, and condo price cuts are up 2.3% compared with September 2025. In the condo rental market, the median listed rent fell 1.1% year-over-year to $2,311, while condo rental inventory declined 5.8%.

Key September 2026 Highlights

All single-family figures below reflect Single-Family Detached (SFD) homes; condo metrics are summarized in the Condo Market section above.

• Net New Listings (SFD): 241,970 in September (down 15.2% YoY)
• Contracts (SFD): 253,751 in September (down 10.8% YoY)
• Inventory (SFD): +10.6% YoY; months of supply at 5.46
• Days on Market (SFD): 55 (up from 54 YoY)
• Prices (SFD): Listing –0.7% YoY ($450,653) | Closed +3.9% YoY ($433,765)
• Rental Market (SFD): Inventory –18.1% YoY | Median rent $2,457 (+0.9% YoY)
• Condo Market: Inventory +12.6% YoY | Months of supply at 7.06 | Listing prices –3.7% YoY

The Bottom Line

The September 2026 Market Pulse shows a U.S. housing market still in balance but under pressure. Inventory keeps rebuilding while buyer and seller activity both fell by double digits, against a backdrop of rapidly rising interest rates. Should rates remain elevated over the coming months, HouseCanary expects a reversal of the positive trends observed through much of 2026: supply improvements, steady buyer activity, and steady price growth.

Explore the full September 2026 Market Pulse Report to access detailed data, trends, and regional breakdowns shaping today's housing market.

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