01
Northeast
Buyer Activity fell 22 points to 32, and Price Direction fell 20 points to 38.
Inside Highway
MBS Highway Housing Index, September 2026
The MBS Highway National Housing Index fell 5 points in September 2026 to 22, its fourth consecutive monthly decline after reaching a seasonal high of 47 in May. Both buyer activity and home price direction weakened from the previous month.
22
September 2026 National Housing Index
50
Expansion threshold
30,000
Mortgage and real estate professionals surveyed
National data
Housing activity remains in contraction.
The national index fell 5 points to 22, its fourth consecutive monthly decline, and is 5 points below its level a year ago. Readings above 50 indicate expansion; readings below 50 signal contraction.
- Buyer Activity fell 6 points to 21, against 29 a year ago
- Just 9% of respondents nationwide described buyer activity as active
- Price Direction fell 4 points to 23, its fourth consecutive decline
Regional data
No region remains in expansion.
Buyer Activity declined in all seven regions, with the largest drops in the Northeast and Southeast. Price Direction weakened in six of the seven.
02
Southeast
Buyer Activity fell 9 points to 19.
03
Northwest
Price Direction fell 7 points to 17.
04
Midwest
The only region to improve, with Price Direction up 3 points to 38.
Question of the month
How common are seller concessions?
Forty-six percent of respondents said seller concessions such as rate buydowns, closing cost assistance and repair credits were very common in their markets, and 42% said they were somewhat common; just 12% said they were rare. The Mid-Atlantic and Northeast stood out, where 36% and 71% of respondents said concessions were rare.
Methodology
A real-time read on housing conditions.
The monthly survey measures Buyer Activity and Home Price Direction nationally and regionally. Respondents rank each as active, steady, or slower, and as price increases, steady, or price reductions. The final index combines the two component scores; a number above 50 indicates expansion and a number below 50 indicates contraction.