Overview
- Closings fell to a 3.91 million seasonally adjusted annual rate, down 8.4% from December and 4.4% from a year earlier, according to the National Association of Realtors.
- The median price rose 0.9% year over year to $396,800, a record for January, as tight supply sustained prices despite weaker sales.
- Inventory totaled about 1.22 million homes, equal to 3.7 months of supply, down from December but 3.4% higher than a year ago; properties spent a median 46 days on the market.
- Sales declined in all four regions month over month, with the largest drops in the South (−9.0%) and West (−10.3%), while year-over-year decreases were broad-based.
- NAR’s Housing Affordability Index rose to 116.5, the highest since March 2022, with average 30‑year mortgage rates near 6.1%, yet NAR and economists said severe winter weather and earlier pending-sales softness likely distorted January’s read.