What happened
The fall housing market is opening with more choices for many buyers, but not a clean “buyers win everywhere” story. Realtor.com’s weekly update for the week ending September 19 reported that active inventory rose 5.8% from a year earlier, topping 1.17 million homes and staying near the highest levels seen since late 2019. The same report said new listings were up 0.9% year over year, while the median listing price fell 1.3% year over year to $419,500 [1].
NAR’s August existing-home sales report points in the same direction on supply. Existing-home sales fell 2.0% from July to a 3.98 million seasonally adjusted annual rate, while unsold inventory rose 3.2% to 1.62 million units. That equaled a 4.9-month supply, up from 4.6 months in July and August 2025. NAR also noted that this was the first time since November 2019 that inventory exceeded 1.6 million units [2].
Redfin’s August market report adds another angle: new listings rose 2.6% month over month to the highest level in more than four years, and total homes for sale rose 3.9% from July to the highest level since 2020. Redfin also reported that pending sales were nearly flat, meaning supply improved faster than demand [3].
Why this matters for borrowers
For buyers, inventory is not just a headline number. It affects how quickly you need to move, how much leverage you may have on price, whether sellers entertain repair credits, and whether you can compare two or three properties instead of feeling forced into the first acceptable home.
That matters because affordability is still tight. Freddie Mac’s Primary Mortgage Market Survey showed the average 30-year fixed rate at 7.03% on September 24, up from 6.95% the prior week and 6.76% two weeks earlier [4]. A higher-rate environment can make buyers more payment-sensitive, which is one reason listings can sit longer or sellers may need to price more realistically.
The key is that more inventory does not automatically mean a bargain. Well-located, move-in-ready homes can still draw competition, especially in areas where supply remains limited. But a broader inventory base can create more opportunities to negotiate seller concessions, compare loan scenarios before waiving contingencies, and avoid overextending simply because there are no alternatives.
Western New York: more supply, but not a slow market
For Buffalo-area buyers, the inventory story is especially relevant. Realtor.com’s August Buffalo-Cheektowaga report showed active listings up 29.8% year over year to 1,792, compared with a 3.6% national gain in that same local report. New listings rose 4.8% year over year, while the median list price fell 4.0% to $273,700. Even with that increase in choice, the report showed homes still moved in about 40 days, only modestly slower than a year earlier [5].
That mix is important for Western New York borrowers. A buyer may have more choices in Amherst, Cheektowaga, Orchard Park, Hamburg, Tonawanda, or Buffalo proper than they had during the tightest post-pandemic periods. But this is not a market where every seller is desperate. Many properly priced homes are still moving, and the lower median price point compared with national figures keeps Buffalo attractive to local first-time buyers and relocating buyers.
For borrowers, the practical move is to separate “more inventory” from “unlimited leverage.” If a home has been on the market, has inspection items, or is priced ahead of nearby comps, there may be room to discuss credits or terms. If a clean home is priced correctly in a high-demand school district or walkable neighborhood, the negotiation window may be narrower.
Florida: a different inventory signal
Florida is not moving in exactly the same direction. Florida Realtors reported that statewide end-of-month single-family inventory fell 13% from August 2025, while condo and townhouse inventory declined 11.5% year over year. The group said that tighter inventory helped support prices even as sales slowed, with the single-family median sale price up just over 1% year over year to $415,000 and the condo/townhouse median near $298,000 [6].
That is a useful reminder for borrowers comparing New York and Florida markets. Nationally, more supply is giving buyers breathing room. In parts of Florida, however, local inventory, insurance costs, HOA costs, and property type can change the math quickly. A condo market may behave differently from a single-family market, and one Florida metro can feel much more negotiable than another.
What this means for borrowers right now
More inventory is good news, but it does not replace mortgage preparation. Buyers should get a clear payment range before touring, understand how taxes and insurance affect affordability, and ask their loan officer to compare scenarios such as seller-paid closing costs, temporary buydown structures, or a slightly lower purchase price. The current market may offer more room to negotiate than the ultra-tight years, but the best opportunities still go to borrowers who know their numbers before they write an offer.