Fresh home listings reached their highest level since August 2022 as the fall housing market got underway, but buyers have yet to respond with stronger contract activity. Pending sales fell to their lowest level since February during the four weeks ending Aug. 30, according to a Sept. 3 housing market update.
New listings rose 2.1% from the previous week and 8% from a year earlier. Pending sales, meanwhile, slipped 2.5% year over year, giving agents a fresh read on a fall market with more choices for buyers but still-muted demand.
Fresh listings outpace contract activity
There were 383,795 new listings during the four-week period, while active listings rose 2.4% year over year to about 1.51 million. Pending sales fell to 308,282 and edged down 0.1% from the previous week.
Closed sales have also remained subdued. NAR’s July existing-home sales report showed sales falling 1.7% from June to a seasonally adjusted annual rate of 4.06 million, although they remained 0.7% above July 2025. The median existing-home price was $434,100, with 4.6 months of supply. A separate July pending-sales report showed contract signings falling 2.3% from June and 2.2% from a year earlier.
Inventory rises as buyers hold back
Active inventory rose 3.6% year over year to roughly 1.14 million in August, the fastest annual growth recorded so far in 2026, according to the August housing report. Listings in pending status fell 0.2% from August 2025, ending an eight-month streak of annual gains.
Asking prices were also softer. The national median list price fell 1.3% year over year to $424,500, while 20.4% of listings had received a price cut.
Financing remains another constraint. Freddie Mac’s mortgage survey put the average 30-year fixed rate at 6.71% on Sept. 3, compared with 6.50% a year earlier. Higher borrowing costs continue to limit affordability even as buyers gain more homes to choose from.
Inventory gains vary by region
National inventory has improved but remains below its pre-pandemic norm. August active listings were 11.1% below typical pre-pandemic levels nationally, even though the South and West had moved above their respective pre-pandemic inventory baselines.
Active listings increased 10.5% year over year in the Midwest and 9.1% in the Northeast, compared with 3.2% in the West and 1.1% in the South. Pending sales also diverged by metro, rising in Milwaukee, Virginia Beach, Cincinnati, and Chicago while falling by double digits in Seattle, San Diego, Denver, and Houston. That unevenness is already visible in markets such as Florida, where housing conditions can vary sharply by property type and location.
Local contract activity will show whether fall is turning
For agents, the national inventory increase becomes more useful when compared with contract activity in a client’s price range and neighborhood. Active listings, pending sales, days on market, and price reductions can show whether buyers are gaining leverage locally.
More competition raises the stakes for seller pricing, while greater selection may give buyers room to negotiate price, repairs, or concessions. Elevated financing costs, however, continue to limit what many buyers can afford.
The fall market now has more fresh inventory than buyers have seen in four years, but contracts are still moving in the opposite direction. Until those trends begin to converge, agents will be working in a market with more choice — but not necessarily more closings.