The January sales statistics illustrated in this report reflect the very slow holiday market of December and early January when the offers were negotiated: This is why January typically sees the lowest sales volume of the year and very weak standard measurements of demand. These figures are of limited value as indicators of what the new year’s housing market will look like and can be expected to shift rapidly in coming months as listing and sales activity surge. This report will review the data through January but a much clearer view of market direction in 2026 will arrive in the next month or two. Last year, the spring market was negatively affected by the tariff shock. Barring new economic alarms, the upcoming spring market should be much stronger.

The median house sales price in January rose slightly year over year, while the number of existing-home sales fell about 7%: Winter weather conditions may have contributed to the decline. The supply of listings rose approximately 3.4%; median time on market until acceptance of offer was 46 days, up from 41 days in January 2025; the average number of offers received was 2.2, down from 2.6 last year; and approximately 16% of sales sold over list price. It is estimated that 27% of listings sold for all cash and 3% of purchases were for vacation use. 5% of contracts in the last 3 months were terminated before close of escrow, and 14% had delays beyond the scheduled close.

As of mid-February, interest rates remain near multi-year lows, while stock markets have been very volatile, with both the S&P 500 and Nasdaq down from recent all-time highs. (Dramatic daily changes have been common.) Inflation in January declined to its best reading since May, but consumer confidence remains low amid continuing concerns regarding prices and employment. Net foreign immigration numbers plunged in the 12 months through 7/1/25 and may turn negative in the current period (i.e., more immigrants leave the U.S. than arrive).

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