2026-03-10 14:00:00
- Prior was 3.91m (worst reading since 2024 but revised to 4.02m)
- Home sales change +1.7% vs -8.4% prior
- Days on the market 47 vs 46 prior
- Inventory at months 3.8 vs 3.7 months prior
- Median prices $398,000 vs $396,800 prior
Existing home sales
US existing home sales, published monthly by the National Association of Realtors (NAR), measure completed transactions of previously owned single-family homes, townhomes, condominiums, and co-ops based on closings reported through Multiple Listing Services. Because roughly 90% of home purchases involve existing rather than new properties, the series is widely regarded as one of the most important barometers of housing market health and, by extension, broader consumer spending.
The US housing market spent much of 2025 in a holding pattern, constrained by elevated mortgage rates and a chronic shortage of inventory as existing homeowners remained reluctant to list and give up low locked-in rates — a dynamic often called the “lock-in effect.” Still, the second half of the year brought gradual improvement. Sales edged higher through the autumn, posting three consecutive monthly gains from September through November, before surging 5.1% in December to an annualized pace of 4.35 million units — the highest level in nearly three years.
January 2026 abruptly reversed that momentum. Existing home sales tumbled 8.4% month-over-month to 3.91 million annualized units, well below expectations of roughly 4.15 million and near the weakest readings of the post-pandemic era. All four Census regions posted declines. The NAR attributed some of the weakness to unusually harsh winter weather, which likely disrupted both showings and closings. The median sale price slipped to $396,800, though it still marked the 31st consecutive month of year-over-year price increases. Inventory stood at 1.22 million units, equivalent to roughly 4.2 months of supply.
Analysts broadly viewed the setback as temporary, noting that mortgage purchase applications had firmed through January and that affordability conditions were the best since early 2022.
