According to the National Association of REALTORS® Existing-Home Sales report released September 10, 2026, covering August closings. Regional price and affordability figures are from the same release; price-cut metro shares cited in NAR’s related consumer summary reference Realtor.com data.
What the report says
Existing-home sales fell 2.0% month over month to a seasonally adjusted annual rate of 3.98 million in August — the first print below 4 million since June 2025, and down 1.2% from a year earlier.
The bigger story for shoppers is supply. Total housing inventory rose to 1.62 million units, up 3.2% from July and 5.9% from August 2025. That is the first time since November 2019 that national inventory topped 1.6 million homes. At the current sales pace, that equals a 4.9-month supply — up from 4.6 months in July and the highest reading in over ten years.
The national median existing-home price was $429,100, up 1.6% year over year (the 38th straight annual increase). NAR’s Housing Affordability Index rose to 104.7 from 101.2 a year earlier, with the West posting the largest regional affordability gain (+5.9%).
Freddie Mac’s August average for the 30-year fixed was 6.67% (the backdrop for those closings). First-time buyers accounted for 30% of August sales, up from 28% a year ago. Only 16% of homes sold above list price, down from 20% a year earlier.
What it means for California and Oregon shoppers
- West sales held flat month over month at a 720,000 annual rate, even as the Northeast, Midwest, and South declined. Year over year, West sales were still down 2.7%.
- The West median existing-home price was $619,100 — down a slight 0.2% from August 2025. That is a very different tape from the Northeast (+4.3%) or Midwest (+3.3%).
- Price cuts are already common in parts of the West Coast: Realtor.com data cited alongside NAR’s consumer summary put Portland, Ore. near the top nationally, with about 30.5% of active listings showing a reduction.
- More listings and fewer bidding wars nationally usually mean more time to compare homes, ask for repairs or credits, and shop financing — but neighborhood and price-point conditions still vary widely across California metros.
Key points to know
- A higher months-of-supply figure is negotiating context, not a guarantee of a lower price on the house you want.
- August closings largely reflect contracts signed when rates were lower than today’s daily quotes. Pending and application data can move ahead of closed sales.
- National and regional medians are not a personal Loan Estimate. Credit, down payment, loan type, property, and lock timing drive your payment.
- Comparing more than one lender still matters when rates are elevated — shopping quotes can change the total cost even when the headline market rate is unchanged.
Important limits
- Existing-home sales are based on closings and lag contract activity. Local MLS conditions can diverge from the national print.
- 4.9 months of supply is NAR’s national measure; metro and neighborhood supply can look tighter or looser.
- This is market context, not advice to buy, wait, or refinance. Your budget, reserves, and timeline decide what pencils.
Bottom line: NAR’s August report shows sales cooling under higher rates, but inventory and months of supply at their strongest levels for buyers in over a decade — with West prices roughly flat year over year and affordability improving more in the West than elsewhere. For California and Oregon shoppers still in the market, that usually means more choice and more room to negotiate, while your personal payment still depends on the quote you lock.
Sources: NAR: Existing-Home Sales Report Shows 2.0% Decrease in August (September 10, 2026); NAR / REALTOR Magazine: After a Cooler Summer Market, Will Sales Pick Up for Fall? (September 10, 2026).
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