Overview
- The seasonally adjusted annual rate fell to 3.91 million, the slowest since December 2023 and 4.4% below a year earlier, with NAR noting unusual January weather may have skewed the reading.
- The national median price rose 0.9% year over year to $396,800, the highest January on record and the 31st straight month of annual gains.
- Inventory ended the month at 1.22 million listings, equal to 3.7 months of supply, down from December but 3.4% higher than a year ago.
- NAR’s affordability index improved to its best level since March 2022 as wage gains outpaced home price growth, yet Lawrence Yun said many buyers are still struggling.
- Sales composition tilted to the high end, with $1 million‑plus homes the only category up from a year ago, while sub‑$250,000 sales fell and first‑time buyers accounted for about 31%.