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Categories: Mortgage News (primary), Buying
Existing-home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the National Association of REALTORS® (NAR) reported on November 12, 2026. NAR says that is the lowest sales pace since August 2010. For buyers, the slowdown means more listings and less competition, but high mortgage rates still keep monthly payments high.
What the October existing-home sales report shows
A seasonally adjusted annual rate is the yearly total if October’s pace held for 12 months, smoothed for normal seasonal swings. By that measure, sales were also down 8.8% from October 2025, according to the NAR October 2026 report. Compared with September, sales dropped in the Midwest, South and West, while the Northeast held steady.
Meanwhile, supply grew. Total inventory reached 1.59 million homes, up 1.3% from September and 4.6% from October 2025. That equals a 5.1-month supply, so it would take about five months to sell every listed home at the current pace. Supply stood at 4.7 months in September and 4.4 months a year earlier.
Prices, however, barely moved. The median existing-home price was $416,700, up 0.4% from $414,900 in October 2025. NAR counts that as the 40th consecutive month of year-over-year gains. In addition, homes spent a median of 35 days on the market, up from 33 days in September and 34 days a year earlier.
“Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023,” NAR Chief Economist Lawrence Yun said in the release.
| Region | Annual sales rate | Change from October 2025 | Median price |
|---|---|---|---|
| Northeast | 470,000 | Down 4.1% | $519,600 |
| Midwest | 900,000 | Down 8.2% | $324,300 |
| South | 1.73 million | Down 8% | $360,900 |
| West | 650,000 | Down 14.5% | $624,300 |
Source: NAR, Existing-Home Sales for October 2026, released November 12, 2026.
What a slower housing market means for buyers
More homes to choose from, and more time
With 5.1 months of supply and a 35-day median market time, buyers in many areas face less pressure to decide in a single weekend. As a result, there may be more room to compare homes, schedule an inspection and negotiate terms. Still, national figures hide local differences, so ask your agent how fast homes are selling in your price range. Our guide on how to make an offer on a house covers offer strategy when buyers have more choices.
Home prices barely moved, but regions differ
Nationally, home prices rose just 0.4% in a year. Regional medians split, though. The Northeast median rose 3.2% to $519,600, and the Midwest rose 1.5%. By contrast, the South median fell 0.4% to $360,900, while the West was unchanged at $624,300.
Payments are still high because rates are high
Less competition has not made homes cheaper to finance. Freddie Mac’s weekly survey puts the average 30-year fixed rate at 7.11% as of November 12, 2026, up from 6.24% a year earlier. For October as a whole, NAR cites a Freddie Mac average of 7.33%, up from 6.25% a year before.
Consequently, NAR’s Housing Affordability Index fell to 100.7 from 107.3 a year earlier, and affordability declined in all four regions. First-time buyers made up 29% of sales, down from 32% in October 2025. At the same time, cash sales held at 29% of transactions, so buyers with a mortgage still compete with many all-cash offers.
Whether buying now fits your plans depends on your budget, savings and how long you expect to stay. Our guide to deciding if it’s a good time to buy a house walks through that decision.
What slower existing-home sales mean for sellers
Homes are taking longer to sell, and buyers have more listings to compare. Sellers may therefore see fewer offers and more requests for repairs, price reductions or help with closing costs. Distressed sales were only 2% of transactions, NAR said, unchanged from a year earlier.
What to do now
- Get preapproved and compare lenders. If you plan to buy in the next few months, request Loan Estimates from more than one lender on the same day. Rates and fees vary by lender, and a side-by-side comparison shows the full cost.
- Ask for seller concessions on homes that have sat. When a listing has been on the market longer than is typical locally, ask the seller to cover part of your closing costs. Each loan program caps seller contributions, so confirm the limit for your loan type before you write the offer.
- Plan your rate lock before you sign. Once you have a contract, ask your lender how long a lock lasts and what an extension costs, so the lock covers your closing date. Our guide on when to lock in a mortgage rate explains the options.
What happens next: November existing-home sales
NAR will release its November figures on Wednesday, December 9, 2026, at 10 a.m. Eastern Time, according to its statistical news release schedule. Before that, NAR publishes its October Pending Home Sales Index on November 18, 2026.
