The National Association of Realtors reported that existing home sales rose 1.3% in September to a seasonally adjusted annual rate of 4.06 million.
It's the second straight monthly gain, and it's the first back-to-back increase since early 2024.
After nearly three years of a frozen market, buyers are finally signing on the dotted line again.
The big driver isn't a surge of eager buyers.
There were 1.39 million homes for sale at the end of September, up 14% from a year ago.
More choices mean buyers finally have room to negotiate, and sellers are learning they can't just name a price and wait.
Prices are still climbing, just not at the pace of 2021 and 2022.
The median existing-home price hit $404,500, up 2.1% from a year earlier.
That's a much slower annual gain than the double-digit jumps buyers dealt with during the pandemic boom.
In plain terms: homes are still expensive, but the bidding war chaos has cooled.
The average 30-year fixed rate has hovered in the low 6% range, down from the 7%-plus peaks of 2023 and 2024.
That drop saves a typical buyer roughly $150 to $200 a month on a $350,000 loan compared to the worst rates.
For anyone who got priced out two years ago, it's worth running the numbers again.
First-time buyers are creeping back too, making up about 30% of sales.
That's still below the historical norm of around 40%, which tells you affordability is still a real problem.
Rents have eased in many metros, but saving for a down payment while paying today's grocery and insurance bills is brutal.
If you're selling, the message is simple: price it right from day one.
Overpriced listings are sitting, and price cuts are common in most markets.
If you're buying, get pre-approved before you tour anything, and don't skip the inspection to win a bid.
In a more balanced market, you have more leverage than you've had in years.
One more thing worth watching: the "lock-in effect" is loosening.
Homeowners with 3% mortgages are finally listing because life happens — new jobs, growing families, retirements.
That's slowly unlocking the supply that kept the market stuck.
Our take: this isn't a boom, and it isn't a crash.
Final Thoughts
If you've been waiting on the sidelines, the math is better than it was, but patience and a solid budget still beat FOMO every time.