Latest Real Estate News, Explained | November 12, 2026 | Chris Herndon
Fewer homes sold. Buyers had more inventory to consider. Yet the national median price still edged higher. That's the story behind the National Association of REALTORS® October 2026 existing-home sales report, released November 12.
If you're considering buying or selling in Asheville or Western North Carolina, a headline about falling sales deserves some context. Here's how I read the report, which numbers matter, and how I'd use them when we talk about your next move.
Source for report statistics and charts throughout: NAR's October 2026 Existing-Home Sales report. Commentary and illustrative payment calculations by Chris Herndon.
What does a 5.5% drop in sales actually mean?
Existing-home sales fell 5.5% from September and 8.8% from October 2025, reaching a seasonally adjusted annual rate of 3.75 million. NAR reports that this was the lowest pace since August 2010.
That is a measure of transactions, not a 5.5% decline in home values. It also does not mean 3.75 million homes sold during October. The annualized figure expresses the month's seasonally adjusted pace over a full year. Existing-home sales cover completed transactions involving previously owned homes, including single-family homes, townhomes, condominiums and co-ops.
Closings also look backward: a home closing in October may have gone under contract weeks earlier. I use this report to understand the broader direction, then look at current competing listings and pending activity to assess what a buyer or seller faces today.
More selection can help buyers, even when affordability is difficult
There were 1.59 million homes in national inventory at the end of October, up 1.3% from September and 4.6% from a year earlier. Months of supply increased to 5.1, compared with 4.7 in September and 4.4 in October 2025.
More supply relative to the pace of sales
October 20254.4 monthsSeptember 20264.7 monthsOctober 20265.1 monthsBars start at zero. Source: NAR, November 12, 2026.Months of supply estimates how long it would take to sell the available inventory at the current sales pace. It can rise because more homes are available, because homes are selling more slowly, or both. It is not a prediction that an individual listing will take 5.1 months to sell.
My interpretation: some buyers may have more room to compare properties and negotiate. But additional selection doesn't automatically make the monthly payment comfortable, and a desirable, well-priced home can still attract competition. I'd review the particular property's history and alternatives before deciding how much negotiating room we have.
Why are prices still up if fewer homes are selling?
The national median existing-home price was $416,700, up 0.4% from $414,900 a year earlier. That marked 40 consecutive months of year-over-year increases. Slower sales and modest price gains can occur together when sellers hold their price expectations and buyers become more selective.
A median is the midpoint of the homes that actually sold. Changes in the mix of locations and property types can affect it. A 0.4% national median increase does not establish what happened to the value of your particular home.
National prices hide regional differences
Northeast+3.2%Midwest+1.5%South-0.4%West0.0%0%The South, which includes North Carolina, recorded a $360,900 median price, down 0.4% year over year. Its sales fell 6.5% from September and 8% from a year earlier. Even that regional view covers a vast range of markets. It cannot tell us how a renovated Kenilworth home, a Fairview mountain property or an Asheville condominium should be priced.
The payment matters as much as the asking price
NAR cites Freddie Mac's average 30-year fixed mortgage rate at 7.33% in October, compared with 6.86% in September and 6.25% a year earlier. Those are historical monthly averages, not today's rate quote or an offer available to every borrower.
Same $400,000 loan, different monthly payment
6.25% rate$2,463 6.86% rate$2,624 7.33% rate$2,750 Bars start at $0. Payments rounded to the nearest dollar.Illustration: fully amortizing $400,000 loan over 360 monthly payments. Excludes taxes, homeowners insurance, mortgage insurance, HOA fees, points and closing costs. Rates are the monthly averages cited by NAR; calculations are illustrative.
At those rates, the same loan costs about $287 more per month than a year earlier in principal and interest alone. That helps explain why buyers can have more homes to choose from while still finding the purchase difficult.
I encourage buyers to establish a comfortable total housing budget with their lender before choosing a price range. Compare written Loan Estimates and discuss any seller credit or rate buydown within the rules of your loan program. A purchase needs to work at the rate you can obtain now; a future refinance is a possibility, not a plan to depend on.
Explore mortgage and financing resources, or read how the bond market affects mortgage rates.
Three more clues beneath the headline
| October national measure | Report finding | How I'd use it |
|---|---|---|
| Median time on market | 35 days, versus 33 in September and 34 a year earlier | Set realistic expectations, then compare similar local listings. |
| First-time buyers | 29% of sales, down from 32% a year earlier | Address financing and cash needed early in the search. |
| Distressed sales | 2% of transactions, unchanged from a year earlier | A low transaction pace alone does not establish widespread forced selling. |
Cash purchases represented 29% of transactions. Investors and second-home buyers together accounted for 20%. These categories can overlap; they should not be added together as separate portions of the market.
If you're buying in Western North Carolina
I'd start with the homes that fit the way you want to live, then evaluate their price, condition and carrying costs together. In the mountains, driveway access, drainage, maintenance, insurance and renovation needs can change the overall value of a property considerably.
- Compare real alternatives. Look at recent comparable sales, active competition and listing history.
- Negotiate around your priorities. Price, repairs, closing timing and allowable seller credits can each matter.
- Keep your budget grounded. Leave room for maintenance and improvements after closing.
If you're preparing to sell
My advice is to price against the choices buyers have today. Start with a candid review of comparable sales and competing listings, then identify the repairs and presentation improvements most likely to help your home stand out.
Watch showing activity, feedback and new competition after launch. If buyers aren't engaging, revisit the property's positioning while the listing is still fresh. The national report helps explain buyer caution; the evidence from your own market should guide the response.
Let's put the news in context for your move
After nearly 20 years in real estate and more than 30 years around homebuilding and renovation, I know how much the details matter. Send me a home you're considering, or tell me where you own. I'll help you look at the competition and the questions that matter to you.
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Source and methodology
National Association of REALTORS®: Existing-Home Sales Decreased 5.5% in October, According to NAR Report, November 12, 2026. Charts are original presentations of selected reported statistics, not reproductions of NAR graphics. Existing-home sales are seasonally adjusted annual rates; median prices are not seasonally adjusted. Report figures may be revised. Mortgage averages are attributed by NAR to Freddie Mac.