Housing Supply Overview
U.S. new-home sales unexpectedly surged 20.5% month-over-month and 15.4% year-over-year to a seasonally adjusted annual rate of 800,000 units, the highest level since January 2022, according to the U.S. Census Bureau. Economists polled by Reuters had forecast new home sales would decline to 650,000 units. There were 490,000 new homes for sale going into September, equivalent to a 7.4-month supply at the current sales pace. For the 12-month period spanning October 2024 through September 2025, Pending Sales in the Western Upstate Association of REALTORS® region improved 4.7 percent overall. The price range with the largest pending sales gain was the $750,001 to $1,000,000 range, where sales improved 30.1 percent.
The overall Median Sales Price improved 3.3 percent to $310,000. The property type with the largest gain was the Single-Family Homes segment, where prices improved 3.0 percent to $317,500. The price range that tended to sell the quickest was the $150,000 and Below range at 56 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 92 days.
Market-wide, inventory levels improved 34.9 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale rose 36.3 percent. That amounts to 4.7 months of inventory for Single-Family Homes and 5.0 months of inventory for Condos.
Monthly Indicators
U.S. existing-home sales were virtually unchanged from the previous month, dipping just 0.2% to a seasonally adjusted annual rate of 4.0 million units, according to the National Association of REALTORS® (NAR). Most of these transactions went under contract in June and July, when mortgage rates were 40 to 50 basis points higher than current levels. Year-over-year, sales increased 1.8%, with the strongest activity occurring in the Midwest, where the typical home price is 22% below the national median.
New Listings were up 28.3 percent to 843. Pending Sales decreased 12.0 percent to 366. Inventory grew 34.9 percent to 2,432 units.
Prices moved higher as Median Sales Price was up 2.9 percent to $320,000. Days on Market increased 9.2 percent to 71 days, the tenth consecutive month of year over-year gains. Months Supply of Inventory was up 27.0 percent to 4.7 months, the tenth consecutive month of year-over-year gains.
Nationally, housing inventory declined for the first time this year, slipping 1.3% month-over-month to 1.53 million units, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the monthly drop, total inventory remained 11.7% higher than the same time last year. Meanwhile, the median existing-home price rose 2% year-over-year to $422,600, though it was essentially flat compared to the prior month.
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