1st Look at Local Housing Markets in September
Tracking local data gives an early look at what happened the previous month and also reveals regional differences in both sales and inventory.
September sales will be mostly for contracts signed in July and August, and mortgage rates averaged 6.72% in July and 6.59% in August (lower than for closed sales in July).
Closed Sales in September
In September, sales in these early reporting markets were up 7.0% YoY. Last month, in August, these same markets were down 1.8% year-over-year Not Seasonally Adjusted (NSA).
Important: There were one more working days in September 2025 (21) as in September 2024 (20). So, the year-over-year change in the headline SA data will be lower than the NSA data suggests (there are other seasonal factors).
Notes for all tables:
New additions to table in BOLD.
For the previous month (August), there were one fewer working days in August 2025 (21) as in August 2024 (22). So, the year-over-year change in the headline SA data was positive while the NSA data showed a decline (there are other seasonal factors).
Sales in all of these markets are down sharply compared to September 2019.
This graph shows existing home sales by month for 2024 and 2025, on a Seasonally Adjusted Annual Rate (SAAR) basis. Last year, the NAR reported sales in September 2024 were at 3.90 million SAAR, the low for the year.
This early data suggests that September existing sales (as reported by the NAR) will likely be higher than sales in August (SA) and will be up year-over-year. This could be the 2nd or 3rd highest monthly sales (SAAR) this year.
New Listings in September
For these areas, new listings were up 5.4% year-over-year.
Last month, new listings in these markets were down 3.5% year-over-year.
New listings have slowed and are still down 11.8% compared to September 2019 activity for these markets.
Active Inventory in September
Inventory was up 24.9% year-over-year. Last month inventory in these markets was up 26.9% YoY.
Comparing to September 2019, inventory is up sharply in Denver and Nashville and down in San Diego. There are significant regional differences in inventory.
This was just several early reporting markets. Many more local markets to come!