According to the Realtor.com® September 2026 Monthly Housing Trends Report (data as of September 2026; research summary dated September 30, 2026).
What the numbers say
20.8% of active listings showed a price reduction in September, up 0.9 percentage points from a year earlier and the highest single-month share since October 2022. It was also the highest September reading since 2018, per Realtor.com.
Active inventory rose to about 1.16 million homes for sale (+5.4% year over year) — the fastest annual inventory growth in six months. National supply is still 9.1% below typical pre-pandemic levels, but that is the narrowest gap Realtor.com has recorded in the current recovery.
The national median list price was $419,250, down 1.2% from August and 1.4% from a year ago — the 11th consecutive month of year-over-year list-price declines. Homes spent a median of 61 days on the market. The stock of homes under contract fell 4.1% year over year as higher rates weighed on demand.
What it means for California and Oregon shoppers
- Price cuts were most common in the West (22.8% of listings), the largest year-over-year jump of any U.S. region (+1.8 percentage points).
- Portland, Ore.: About 31.6% of listings had a price cut — among the highest shares in the 50 largest metros. Median list price was about $587,750 (−1.9% year over year), with active listings up 6.9%.
- Los Angeles: Median list about $1,034,500 (−5.9% year over year); price-cut share 17.1%.
- San Diego: Median list about $888,450 (−6.3%); price-cut share 20.4%.
- Sacramento: Median list about $599,950 (−2.6%); price-cut share 22.0%.
- West region median list price was about $595,000 (−0.8% year over year).
More listings and more reductions usually mean more choice and more negotiating room — but every neighborhood and price point still behaves differently, and a higher payment at today’s rates can offset a lower list price.
Key points to know
- A price cut on the listing is not the same as the final sale price — and it does not mean every home is “cheap.” Compare recent sold comps, condition, and days on market.
- Realtor.com’s inventory and list-price series track for-sale listings (existing homes and condos/townhomes on Realtor.com). Closed-sale medians from NAR or C.A.R. can tell a different story.
- Pending activity fell even as inventory grew. Buyers have more options, but elevated mortgage rates still limit how many households can act.
- Your personal rate and payment depend on credit, down payment, loan size, property type, and lock timing — not the national list-price average.
Important limits
- These are national and metro listing metrics from Realtor.com, not a guarantee of what you will pay or what a seller will accept.
- September listing data can move ahead of closed-sale reports (NAR existing-home sales for September are due mid-October).
- This is market context, not advice to buy, wait, or refinance. Your budget, reserves, and timeline decide what pencils.
Bottom line: Realtor.com’s September report shows 20.8% of listings with a price cut — a nearly four-year high — and inventory at its closest to pre-pandemic norms yet, with the West and Portland especially heavy on reductions. For California and Oregon shoppers still in the market, that often means more choices and more room to negotiate, while your monthly payment still hinges on the rate you can lock today.
Source: Realtor.com® September 2026 Monthly Housing Trends Report (September 30, 2026). See also Realtor.com press release via PR Newswire.
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