What Buyers Are Seeing Now Might Surprise You

The housing market is starting to look different.

Existing-home sales fell 2.0% in August to a seasonally adjusted annual rate of 3.98 million, the lowest level in 14 months. At the same time, the number of homes available for sale climbed to 1.62 million, up 5.9% from a year earlier and the highest inventory level since November 2019.

More inventory changes the conversation for buyers.

At the current sales pace, the market now has a 4.9-month supply of unsold homes. Homes also spent a median of 31 days on the market in August. When properties take longer to sell and buyers have more choices, sellers may have to compete harder for attention. That can create more room for negotiation on price, repairs, closing costs or other terms, depending on the local market and the property.

That does not mean homes suddenly became cheap.

The national median existing-home price was $429,100 in August, 1.6% higher than a year earlier. Mortgage rates also remain a major affordability hurdle. The important change is not a nationwide collapse in prices; it is that buyers in some markets may have more leverage than they had when inventory was tighter and competition was stronger.

Where distressed properties and fixer-uppers fit in

For buyers willing to look beyond move-in-ready homes, the changing market can open another layer of opportunity. Foreclosures, bank-owned properties and fixer-uppers may offer different pricing dynamics, but they also require careful evaluation of condition, repair costs, title issues and local market value.

A market worth watching

The latest numbers suggest a market with fewer completed sales but more homes competing for buyers. Conditions vary significantly by city and neighborhood, so buyers should evaluate each opportunity individually rather than assuming the national trend applies everywhere. For buyers who have been waiting for more selection and negotiating room, however, the market may be becoming more interesting.

“The ample supply of homes for sale on the market is giving homebuyers better opportunities to negotiate.”
— Lawrence Yun, Chief Economist, National Association of REALTORS®

By Elías DaSilva | September 15, 2026