U.S. existing-home sales fell 8.4% in January from December to a seasonally adjusted annual rate of 3.91 million, and declined 4.4% from a year earlier, with month-over-month and year-over-year drops in all regions, according to the National Association of Realtors.
Total housing inventory stood at 1.22 million units, down 0.8% from December and up 3.4% from January 2025, when inventory was 1.18 million. The supply of unsold inventory was 3.7 months, up from 3.5 months in December and 3.5 months a year earlier.
The median existing-home price for all housing types was $396,800, up 0.9% from January 2025, when the median price was $393,400. Single-family home sales fell 9.0% month over month to an annual rate of 3.53 million, down 4.3% from January 2025, with a median price of $400,300, up 0.6% from last year.
Condominium and co-op sales fell 2.6% month over month to an annual rate of 380,000, down 5.0% from last year. The median condominium and co-op price was $364,600, up 3.8% from January 2025.
The Housing Affordability Index rose to 116.5 in January from 111.6 in December 2025 and 102.0 a year earlier. Affordability gains were 9% in the Northeast, 12.2% in the Midwest, 15.2% in the South, and 17.1% in the West.
In the Northeast, sales fell 5.9% month over month to an annual rate of 480,000 and declined 4.0% year over year, with a median price of $505,400, up 5.8% from January 2025. In the Midwest, sales fell 7.1% to 920,000 and were down 7.1% from a year earlier, with a median price of $295,400, up 2.3%.
In the South, sales fell 9.0% to 1.81 million and declined 1.6% year over year, with a median price of $351,200, up 0.1% from January 2025. In the West, sales fell 10.3% to 700,000 and declined 7.9% from a year earlier, with a median price of $600,400, down 1.4%.
The median time on market was 46 days, up from 39 days in December and 41 days in January 2025. First-time buyers accounted for 31% of sales, cash sales were 27%, individual investors or second-home buyers were 16%, and distressed sales were 2%.
