Nearly 450,000 homes hit the market in September, an unusual uptick that signals renewed momentum in the housing market.
Exclusive data from Homes.com revealed an 8.1% increase in the number of for-sale listings posted in September compared to the same period a year earlier. Put another way, this September, there were almost 33,800 more homes that came to market than last year.
Including properties that were already on the market at the start of the month, there were about 1.4 million homes for sale at the end of the month. That’s 22% more than the same time in 2024, and it marks the ninth consecutive month of inventory growth.
In all, the total number of homes for sale reached its highest level since July 2019.
The inventory data is the latest piece of evidence that the housing market could be balancing out. As more properties have come to market, home price appreciation has ticked up only slightly. Taken together, this signals that "buyer demand remains strong enough to sustain the current price level," according to analysts at Homes.com.
“The September growth in for-sale inventory comes amid a still resilient economy," added Erika Ludvigsen, the national director of residential analytics at Homes.com. "The housing market is showing some signs of improvement, supported by a slight decline in mortgage rates and continued income growth.”
Markets in the Sun Belt and Midwest drive inventory growth — again
Of the 941 markets Homes.com tracks, 94% saw an increase in total listings in September when compared to the same time a year ago. That’s the “highest share in recent history,” according to the Homes.com data.
The brunt of that growth, though, was driven by markets in the Sun Belt and parts of the West. Meanwhile, the Midwest and North continued to lag. That's a continuation of a trend that has manifested over the last few months.
In fact, of the top 40 markets Homes.com tracks, four of the top five markets by percentage increase in inventory were in the Sun Belt or the Midwest. Those markets include Columbus, Ohio; Raleigh, North Carolina; Miami; and Atlanta.
"These metros saw increased in-migration and new home construction during and after the COVID-19 pandemic," Ludvigsen said.
Only two markets, San Francisco and San Antonio, experienced a decrease in inventory compared to last September.