Home prices remain firm even as sellers outnumber buyers, because sellers largely refuse to cut asking prices and many homeowners feel little pressure to sell. According to Redfin, the number of buyers has hit its lowest level since at least 2013, and there are nearly 63% more sellers than buyers. The median existing-home price reached $417,500 in September, the 39th consecutive month of annual increases, while new homes had a median price of $393,700. Mortgage rates climbed to 7.4% this month, the highest since November 2023, which keeps many homeowners with pandemic-era rates of 3% or lower from selling. The typical new buyer's monthly payment rose 5% from last year to $3,037 according to Zillow, and new single-family home construction is down nearly 5% in 2026.
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- Why home prices arent falling despite a growing surplus of sellers
Home prices remain firm despite a growing surplus of sellers, as many refuse to cut asking prices while fewer buyers can afford to enter the market. Redfin says the number of buyers in the market is the lowest since at least 2013, with nearly 63% more sellers than buyers. The NAR median price for existing homes reached $417,500 in September, the 39th straight month of annual gains, while NAHB reported a median new-home sales price of $393,700. In September, 21% of active listings had price cuts according to Realtor.com, but mortgage rates climbed to 7.4% this month, the highest since November 2023, and many owners with pandemic-era rates of 3% or lower are reluctant to sell.
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Home prices have held up despite more sellers than buyers, as sellers largely refuse to cut asking prices and fewer buyers can afford to enter the market. Redfin counted nearly 63% more sellers than buyers in September, a record gap for the fourth straight month, yet the National Association of Realtors reported a median existing-home price of $417,500, the 39th consecutive month of annual gains. Mortgage rates hit 7.4% this month, the highest since November 2023, and many owners with pandemic-era rates of 3% or lower are reluctant to sell. Zillow put the typical new buyer's monthly payment at $3,037, up 5% from last year, while new single-family construction has fallen nearly 5% in 2026. Price cuts are rising, with 21% of active listings reduced in September, but not enough to improve affordability.
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