Housing Inventory Rises but Affordability Remains Tight—September Offers Rare Buyer Leverage
The September 2026 housing market shows more available homes than recent years, giving buyers unprecedented leverage, but mortgage rates around 6.66% and high ownership costs continue to challenge affordability for first-time and international home buyers.
Market Shifts Favor Buyers
Buyers entering the market this fall will find more inventory and longer days on market than at any point in the past several years, but conditions vary sharply by location and price point. The September 2026 housing market offers buyers more choice, more time and more negotiating leverage than at any point in the past several years, but conditions vary sharply by location and price point. According to the Homes.com U.S. Housing Market Report, there were about 1.42 million homes for sale nationwide in July 2026, up 4.4% from a year earlier and 42.7% higher than three years ago. The national median sale price held at $400,000, up 2.6% year over year, while roughly 347,000 homes sold during the month, a 2.9% increase over July 2025. Days on market averaged 56, months of supply reached 4.7, and the typical home sold at 97% of its asking price.
The Affordability Challenge
Affordability remains the biggest challenge, with mortgage rates in the mid- to upper-6% range and total ownership costs (taxes, insurance, homeowners association fees, maintenance) often surprising first-time buyers after closing. The latest available Freddie Mac Primary Mortgage Market Survey, dated August 27, put the average 30-year fixed mortgage rate at 6.66% and the average 15-year fixed rate at 5.98%. Realtor.com's August analysis found that mortgage rates averaged approximately 6.67% during the month, after climbing from their 2026 low earlier in the year.
Practical Guidance for Foreign Buyers
Buyers who are fully preapproved, understand their local market and focus on total monthly cost rather than sticker price are in the strongest position to find and close on the right home this fall. As an international buyer or expat new to the U.S., getting preapproved early is crucial—many lenders have stricter standards for non-citizens, and having proof of funds and creditworthiness in hand will give you negotiating power in this more balanced market.
Sources
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