January’s reset brought more choices for buyers but little relief on volume
January 2026 reset the United States housing market in familiar fashion, with sales cooling even as fresh inventory hit the market and price growth stayed subdued, according to the latest RE/MAX National Housing Report.
Across 52 metro areas, closed transactions were down 32% from December and 6% year over year, while new listings jumped 61.8% month over month and sat just 3.8% below January 2025.
Inventory was essentially flat from December but 10.9% higher than a year earlier, extending a 25‑month streak of annual gains in homes for sale.
The median sales price in the sample slipped 2% from December to $425,000 but remained 1% above a year earlier. Homes sold at an average 98% of asking price, unchanged from both December and January 2025.
“In a month that is traditionally slow, inventory was higher than it was a year ago, and new listings came to market, giving buyers more options,” RE/MAX CEO Erik Carlson said.
“Even as sales adjusted seasonally, the fundamentals point to a market that continues moving toward balance. With the guidance of an experienced professional, consumers can make smart, strategic decisions in today's environment – and that's a good place to be as we headed further into 2026.”
Listings jump as sales soften
Days on market averaged 62, up from 61 in December and 56 a year earlier, and among the highest readings of the past four Januarys.
Months’ supply stood at 3.1, down from December’s 3.5 but above 2.8 in January 2025, and well above the tight conditions seen in 2022.
Regional patterns remained uneven. Markets such as Milwaukee, Trenton and Philadelphia posted double‑digit annual price gains, while Bozeman, Seattle and Raleigh recorded notable declines.
Miami and several Southern metros carried the heaviest months’ supply, whereas Manchester, Hartford and Albuquerque stayed lean.
Denver highlights local cross‑currents
Denver illustrated the cross‑currents facing many local markets. New listings there rose 4.8% year over year and 155.4% month over month, even as closed transactions fell 14% from a year earlier and 36% from December.
“Many of the January listings weren't truly ‘new’ – some sellers simply took their homes off the market during the holidays for a refresh or a break from showings,” Christine Dupont‑Patz, broker associate and co‑owner of RE/MAX of Cherry Creek in Denver, said.
“And in Denver, buyer activity tends to pick up after the NFL Denver Broncos' season ends. Their winning streak gave some people a reason to pause their home search. Now, with our unusually warm winter, we were expecting an early spring market with increased activity.”
For lenders and originators, the RE/MAX data aligned with a broader picture of a slow‑thawing market rather than a snap‑back. Most forecasts still put 30‑year rates near or slightly above 6% in 2026, with Bankrate, Realtor.com and the Mortgage Bankers Association all pointing to a “slow, more balanced” environment rather than a return to pandemic‑era booms.
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