NAR released its September existing-home sales report on October 13, 2026. Closed sales ticked up 1.5% month-over-month to a 3.99 million annual pace — but they’re still down 2.2% from a year ago. Here’s what the numbers actually mean if you’re buying or selling in Los Angeles right now.
The headline numbers
- Sales: 3.99M seasonally adjusted annual rate, +1.5% MoM, -2.2% YoY
- Median price: $417,500, +1.3% YoY — a record September, and the 39th straight month of year-over-year price gains
- Inventory: 1.60M units, +1.9% MoM, +4.6% YoY — 4.8 months’ supply
- Time on market: 33 days median (up from 31 in August)
NAR Chief Economist Lawrence Yun put it plainly: August and September were the two slowest months for home sales this year. “Higher inventory and lengthening days on market give buyers improved negotiating power,” Yun said. “Home sellers need to be realistic about local market conditions, which could require price discounts and other incentives to attract buyers.”
Sales rose in the South and West
Month-over-month, sales increased in the South (+2.8% to 1.86M) and West (+2.8% to 730,000), held steady in the Midwest (930,000), and declined in the Northeast (-2.1% to 470,000). Year-over-year, sales were down in all four regions.
The West — our region — saw the sharpest yearly decline at -5.2%, even with the monthly bounce. That tells you the monthly uptick is a step, not a turnaround.
Inventory keeps building
Total housing inventory hit 1.60 million units, the highest in the series’ recent history for this point in the cycle. Months’ supply held at 4.8, up from 4.5 a year ago. More choices on the market plus longer days on market is exactly the combination that hands leverage to buyers.
Prices still rising — but barely
The national median of $417,500 was up just 1.3% from a year ago. Regionally: Northeast $523,600 (+4.7% YoY), Midwest $329,600 (+3.1% YoY), South $361,000 (+0.2% YoY), West $613,600 (-0.3% YoY). The West was the only region where the median slipped year-over-year.
What this means for buyers
This is the most buyer-friendly setup we’ve seen in 2026:
- More negotiating power. Record cancellations nationally and rising inventory mean sellers are more open to price cuts, closing-cost credits, and rate buydowns.
- Less competition. With August and September the two slowest sales months of the year, you’re not fighting the frenzy of a hot market.
- First-timers are back. First-time buyers were 31% of sales, up from 30% — a sign that higher inventory is opening doors.
The price you pay is permanent. The rate isn’t. If you find the right home at the right price, you can refinance later when rates ease.
What this means for sellers
Yun’s message to sellers was direct: be realistic. With 4.8 months of supply and 33 days median time on market:
- Price it right from day one. Overpricing in a market with growing inventory means sitting — and then cutting.
- Consider incentives. Closing-cost credits and rate buydowns are bringing buyers to the table.
- Presentation matters. In a slower market, the homes that show best sell first.
The bottom line for Los Angeles
Nationally, closed sales ticked up. But locally, the leverage story is even clearer — LA pending sales were down 16% year-over-year in September, with record cancellations and the most inventory since March 2020. Whether you’re buying or selling, the market rewards those who move with the data, not against it.
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