US Existing-Home Sales Fall in January

On Thursday, the National Association of Realtors (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—fell 8.4% in January to a seasonally adjusted annual rate (SAAR) of 3.91 million. Year-over-year, sales were down 4.4%.

Sales fell month-over-month and year-over-year in all four regions.

Total housing inventory at the end of January was 1.22 million units, down 0.8% from December 2025 but up 3.4% from 1.18 million units a year earlier. At the current sales pace, unsold inventory sits at a 3.7-month supply, up from 3.5 months in both December and one year ago.

The median existing-home price for all housing types was $396,800 in January, a 0.9% increase from $393,400 a year ago. This marked the 31st consecutive month of year-over-year price gains.

NAR also reported that its Housing Affordability Index rose to 116.5 in January, up from 111.6 in December and 102.0 in January 2025. Affordability improved across all regions, with the Northeast up 9.0%, the Midwest up 12.2%, the South up 15.2%, and the West up 17.1%.