Inventory Trends in the Housing Market
September saw a significant growth in home inventory, marking an impressive 20% increase year-over-year. As a result, this month continues the trend established over the past 21 months of annual inventory growth. According to the data, home sales for September reflected a promising 8.5% increase compared to the same period last year, signifying optimism among buyers. Despite this upbeat trend, a slight decline of 4.6% was recorded in sales when compared to August. This adjustment is not unexpected during the seasonal transition as inventory levels rose by 3.1%.
Purchasing Trends and Buyer Behavior
Buyers have increasingly found themselves negotiating lower prices for homes, with sellers accepting an average of just 98% of the asking price in September. This compares to 99% acceptance in both the preceding month and the same month last year, indicating a slight cooling in the bidding wars that had characterized the previous year. The median sales price during this period was documented at $439,000, which illustrates a decrease of $6,000 or 1.3% from August, but a favorable increase of $9,000 or 2.1% compared to September 2024. This data reflects the continuing trend of price gains, with 27 months of consistent increases observed.
Key Metrics to Note
The average number of days on the market for homes in September rose to 48 days, which is a one-day increase from August and a rise of seven days when compared to the same month last year. Homes are sitting on the market longer, yet there’s still a robust demand evident by the months' supply of inventory climbing to 3.0 months, an increase from 2.8 in August and 2.6 from last year. New listings have shown a positive shift, reversing a three-month decline with a 4.5% increase over last month and a 0.9% increase year over year.
Market Highlights
In specific markets, trends are quite pronounced. For example, Milwaukee, WI, reported the largest year-over-year increase in median sales prices with a notable rise of 11.5%. This city is also recognized for its quick sales, averaging only 23 days on the market. Remax CEO Erik Carlson pointed out that strategic guidance from agents has proven beneficial for buyers striving for favorable deals in the current climate.
Analysis of Closed Transactions
The total number of closed home transactions across the surveyed metro areas rose by 8.5% over the previous year. Although, on a month-to-month basis, there was a decrease of 4.6% from August. The most significant year-over-year sales increases were seen in Honolulu, HI, with an impressive rise of 55.2%, Omaha, NE (+20.9%), and Raleigh, NC (+20.3%). Conversely, areas like Dover, DE and Indianapolis, IN reported declines.
Current Median Sales Prices Observed
As September 2025 closed, the median sales price across the surveyed 52 metro areas was $439,000, reflecting a 2.1% year-over-year increase despite the 1.3% month-to-month decrease from August. Notably, markets achieving the largest annual increases included Milwaukee, WI (+11.5%), Trenton, NJ (+10.6%), and Coeur d'Alene, ID (+9.2%). In contrast, Houston, TX, and Tampa, FL saw the largest declines.
Close-to-List Price Ratio Overview
The close-to-list price ratio for the average across these metro areas came in at 98%, experiencing a notable decline from both September 2024 and August 2025, where it stood at 99%. Areas like Miami, FL (94.1%) and Bozeman, MT (95.4%) had the lowest ratios, while Hartford, CT (102.9%) and San Francisco, CA (101.8%) had some of the highest ratios, indicating a competitive market.
Days on Market Insights
In terms of days on market, the average for homes sold in September was 48 days. This represents a steady increase from prior months, indicating buyers are taking more time to decide on purchases. Notable markets include San Antonio, TX (88 days) and Coeur d'Alene, ID (77 days) which had the highest average stay on the market.
Months' Supply of Inventory Data
For September, the supply of homes available hit 3.0 months, a significant rise from both the previous month and last year's supply rate. This increase reflects a growing number of available listings, particularly in Miami, FL, which topped out at 7.0 months of inventory.
About RE/MAX
RE/MAX, LLC stands as one of the world's foremost real estate franchisors. As a subsidiary of RE/MAX Holdings, trading under NYSE: RMAX, it includes over 145,000 agents situated across nearly 9,000 offices worldwide. Since its inception in 1973, RE/MAX has built a reputation for innovativeness catering to its agents and providing unparalleled service.
Frequently Asked Questions
What insights were shared about inventory trends?
The inventory level was noted to have increased by 20% year-over-year, continuing a trend of growth over 21 months.
How did buyer behavior shift this September?
Buyers experienced a reduction in the percentage of asking prices accepted, which dropped to 98% this month.
What markets showed the highest sales increases?
Honolulu, HI displayed the most impressive year-over-year sales increase of 55.2% in September 2025.
What is the current average home price in the surveyed areas?
The median sales price across the 52 metro areas surveyed was recorded at $439,000.
How does RE/MAX support its agents?
RE/MAX provides a flexible environment that allows agents the independence to operate their businesses effectively, along with community service initiatives to support local causes.
