Pending home sales in January decreased by 0.8% from the prior month and 0.4% year-over-year, according to the National Association of REALTORS®. Month-over-month pending home sales rose in the Midwest and West, and declined in the Northeast and South. Year-over-year pending home sales rose in the South and West and declined in the Northeast and Midwest. Despite improving affordability conditions, mortgage rates nearing 6% have yet to induce more buying activity, with pending home sales showing mixed results across different regions.

In January 2026, national pending home sales decreased slightly, but several local markets are showing significant year-over-year gains. Among the 50 largest metro areas, Phoenix-Mesa-Chandler, AZ, saw the biggest annual increase in pending home sales at 11.8%. The National Association of REALTORS® emphasizes the importance of increasing housing supply to address affordability concerns and accommodate the growing number of potential buyers entering the market. The recently passed Housing for the 21st Century Act is a step in the right direction towards expanding housing supply and removing barriers to homeownership.

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