Overview
- Closings fell to the weakest pace since December 2023, missing forecasts, as January sales reflected contracts largely signed in November and December.
- The median price reached $396,800, up 0.9% year over year, extending a 31-month streak of annual gains despite slower transaction volume.
- Inventory totaled about 1.22 million units, equal to 3.7 months of supply, down 0.8% from December but up 3.4% from a year earlier, with listings spending a median 46 days on market.
- NAR’s Housing Affordability Index rose to 116.5 and average 30‑year mortgage rates eased to roughly 6.1%, signaling some relief even as supply constraints persist.
- Regional results diverged, with the Northeast up 5.9% month over month and sharp declines in the West (−10.3%), South (−9.0%) and Midwest (−7.1%), while analysts also flagged a pullback in new listings and pending sales tied to late‑January storms.