Inventory Gains Slow Down in January: Realtor.com® Monthly Housing Report
MWN-AI** Summary
According to Realtor.com®'s January Monthly Housing Report, inventory gains in the U.S. housing market have slowed down, revealing signs of renewed supply constraints despite a year-over-year increase in active listings. For January 2026, active listings rose by 10.0% compared to the previous year, marking 27 consecutive months of positive growth. However, the pace of this growth has declined for nine months, leaving inventory levels 17.2% below the pre-pandemic averages of 2017-2019—the widest gap recorded since last spring.
Chief economist Danielle Hale notes that although there are more homes available compared to last year, the supply remains significantly lower than the levels seen before the pandemic, which is keeping prices stable on a national scale. The regions of the West and South saw modest increases in inventory, yet many metropolitan areas have regressed concerning pre-pandemic supply metrics.
In January, the median listing price held steady at $399,900, with a slight decrease of 0.1% year-over-year. Homes are taking longer to sell, with the median time spent on the market increasing to 78 days. Interestingly, pending home sales also showed encouraging signs, marking a 1.2% year-over-year increase, likely driven by lower mortgage rates.
Looking forward, the interplay between inventory recovery and mortgage rates will be crucial as the market approaches the peak selling season. Economists assert that a balance between increased listings and affordable rates is essential for easing competitive pressures and enhancing affordability for buyers in the evolving market landscape.
MWN-AI** Analysis
The latest Realtor.com® Monthly Housing Report indicates a notable slowdown in inventory growth within the U.S. housing market for January 2026, with active listings increasing only 10% year-over-year but falling significantly below pre-pandemic levels, now 17.2% lower than the 2017–2019 norm. This trend highlights a critical point for potential buyers and investors: while inventory has increased, the overall growth trajectory has weakened over the past nine months, pointing to renewed supply constraints.
For buyers, this could signal a pivotal moment in the market. Although a modest increase in inventory suggests some opportunities, the purchase window may shrink as markets firm up in response to steady prices and reduced mortgage rates. Buyer activity picked up slightly with pending home sales rising 1.2% year-over-year, indicating that softened rates may spur competition. This could lead to faster sales, particularly in regions like the West and South, where inventory still lags pre-pandemic levels but has shown resilience in terms of listings.
For sellers, the modest inventory levels mean that pricing could remain robust. Sellers might consider enhancing their pricing strategies to recover potential losses and leverage the competitive landscape. The report suggests that while inventory acceleration may have peaked, prices in healthier markets could stabilize or even rise as economic conditions shift.
Investors should exercise caution and closely monitor local market dynamics. Areas where inventory tightening is more pronounced might yield higher returns, but the key will lie in understanding these local trends. As the selling season progresses, watching the interplay between supply levels, sales activity, and interest rates will be essential for making informed market decisions.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
Active listings rose from last year but slipped to 17.2% below 2017–2019 norms; the widest gap since last spring, as prices held steady nationally
AUSTIN, Texas, Feb. 5, 2026 /PRNewswire/ -- U.S. housing supply continued to grow this January, but the recovery lost momentum as inventory moved further away from pre-pandemic norms, according to Realtor.com®'s January Monthly Housing Report. These trends signal renewed supply constraints even as prices remained largely flat nationwide.
Active listings increased 10.0% year over year, extending a streak of inventory gains to 27 consecutive months. However, that growth has slowed for nine straight months as seasonal trends and market momentum reverse much of the progress made in 2025. As a result, the national housing supply is now 17.2% below typical 2017–2019 levels, the widest gap since last spring, with 30 of the 50 largest U.S. metros regressing relative to pre-pandemic inventory levels since May.
"After meaningful inventory gains last year, the recovery has lost steam," said Danielle Hale, chief economist at Realtor.com®. "Even with more homes on the market than a year ago, supply remains well below pre-pandemic levels, keeping prices firm nationally. Looking locally, the areas where inventory tightened the most are largely in the West and South, predominantly but not exclusively in markets that are fully recovered. This could foreshadow a firming of prices in markets where they were weaker last year, but it will ultimately depend on how sellers respond as we move into the selling season."
January 2026 Housing Metrics – National (*For metro stats, see table overview at end)
Metric | Jan-26 | Change over Dec. 2025 | Change over | Change over | Change over |
Median listing price | $399,900 | 0.0 % | -0.1 % | 38.2 % | 8.1 % |
Active listings | 912,696 | -6.6 % | 10.0 % | -17.8 % | 142.1 % |
New listings | 329,228 | 41.0 % | 0.7 % | -17.5 % | 1.7 % |
Median days on market | 78 | 5 | 5 | -3 | 19 |
Share of active listings with | 14.3 % | 1.4 | -1.3 | -1.7 | 8.2 |
Median List Price Per Sq.Ft. | $220 | 0.0 % | -1.6 % | 52.4 % | 11.5 % |
Buyer activity also picked up in January. Pending home sales rose 1.2% year over year, marking the largest annual increase since December 2024. The improvement likely reflects mortgage rates falling to their lowest levels since 2022 in mid-January. With rates expected to run meaningfully lower during the 2026 homebuying season than last year, pending sales and new listing activity will be key indicators to watch in the months ahead.
Market momentum has largely normalized. Homes spent a median of 78 days on the market in January, five days longer than a year ago, marking the 22nd consecutive month of slower year-over-year selling times. Despite the 5 day month-over-month increase in January, homes are now selling 5 days faster than their pre-pandemic norms after pacing in line with pre-pandemic norms in July through September.
Nationally, the median list price was essentially unchanged at $399,900, while price per square foot dipped 1.6% from last year. Price cuts were slightly down year-over-year, with 14.3% of listings now offered at a discount compared to 15.6% in January 2025. Last year was defined by a high-share of listings with price cuts (around 20% from June through October) and sticky-high list prices at the median; 2026 may bring the opposite, as more sellers price down at list rather than cutting after seeing their home sit for longer than anticipated.
Where Is Inventory Growing the Most
While inventory increased in every major region in January, the gains were modest and broadly uniform, led by the West (+11.5% YoY) and Midwest (+11.0%), followed by the South (+9.4%) and Northeast (+6.8%). Nearly all of the 50 largest U.S. metros posted year-over-year inventory growth, with the largest increases in Seattle, Charlotte and Washington, D.C. Still, compared with last spring, most markets have moved further away from pre-pandemic supply levels, signaling that the peak of inventory acceleration may already be behind us.
"The coming months will be a real test for the inventory recovery and the road to affordability," said Jake Krimmel, senior economist, Realtor.com®. "A reacceleration in listings growth alongside easing mortgage rates could bring the market into better balance and move the needle on affordability. If supply continues to drift tighter, however, lower rates may simply reignite competition and limit how much relief buyers actually feel."
Where Has Inventory Recovered the Most
While there are still major regional differences in inventory, this January the inventory recovery has regressed almost everywhere since earlier last year. Compared to May 2025, only the Midwest region has seen its inventory move closer to pre-pandemic norms (but only improving from -42.1% to -37.4%); for the South, West, and Northeast – and the national aggregate – the inventory recovery is moving in the wrong direction: closer to tight pandemic-era markets.
At the metro level, between May 2025 and January 2026, just 20 of the top 50 metros are adding inventory relative to pre-pandemic norms. Of the 28 metros below normal inventory levels in May, just three (Kansas City, Minneapolis, and Louisville) have moved meaningfully toward their typical pre-pandemic levels.
Of the 22 markets above pre-pandemic levels in May, all but 4 regressed back toward their pre-pandemic levels. On one hand this is indicative of an inventory re-normalization in the South and West; on the other, this suggests active listings acceleration may have peaked in these markets and prices could firm up in the future.
January 2026 Housing Overview of the 50 Largest Metros
Metro | Active | New Listing | Median | Median List | Median List | Median Days | Price | Price Reduced |
Atlanta-Sandy Springs-Roswell, GA | 10.0 % | -4.5 % | $400,000 | 0.3 % | -0.5 % | 6 | 17.0 % | -1.5 |
Austin-Round Rock-San Marcos, TX | 12.7 % | 6.5 % | $455,000 | -8.0 % | -6.1 % | 10 | 16.6 % | -3.2 |
Baltimore-Columbia-Towson, MD | 24.1 % | 16.4 % | $349,990 | 0.0 % | 1.5 % | 3 | 12.6 % | 0.6 |
Birmingham, AL | 10.9 % | 9.4 % | $289,475 | 1.6 % | -0.3 % | 3 | 15.3 % | -0.7 |
Boston-Cambridge-Newton, MA-NH | 19.5 % | -6.4 % | $760,000 | -4.9 % | 0.1 % | 6 | 10.5 % | -0.8 |
Buffalo-Cheektowaga, NY | 4.9 % | 1.4 % | $255,000 | 1.0 % | 4.0 % | -3 | 5.8 % | -1.4 |
Charlotte-Concord-Gastonia, NC-SC | 28.6 % | 8.9 % | $415,000 | -1.2 % | -1.7 % | 12 | 15.4 % | -3.6 |
Chicago-Naperville-Elgin, IL-IN | -0.3 % | -8.8 % | $344,000 | 0.1 % | 1.9 % | 3 | 10.3 % | -0.8 |
Cincinnati, OH-KY-IN | 21.0 % | 24.4 % | $331,400 | 3.7 % | 2.9 % | -2 | 12.5 % | -1 |
Cleveland, OH | 7.3 % | 5.6 % | $247,115 | 5.2 % | 2.5 % | 0 | 13.6 % | -1.6 |
Columbus, OH | 11.7 % | 7.4 % | $349,900 | 2.7 % | 0.0 % | 9 | 16.3 % | -1.9 |
Dallas-Fort Worth-Arlington, TX | 6.3 % | -16.4 % | $405,000 | -2.5 % | -1.8 % | 3 | 16.4 % | -4.5 |
Denver-Aurora-Centennial, CO | 11.1 % | 9.9 % | $550,000 | -3.5 % | -3.8 % | 0 | 18.7 % | 0.8 |
Detroit-Warren-Dearborn, MI | 18.9 % | 0.9 % | $235,000 | -2.1 % | -0.6 % | 7 | 13.6 % | 1.7 |
Grand Rapids-Wyoming-Kentwood, MI | 0.0 % | -14.0 % | $399,000 | 6.5 % | 9.2 % | 3 | 8.8 % | -5 |
Hartford-West Hartford-East Hartford, CT | 8.6 % | -25.5 % | $424,900 | 4.0 % | -1.1 % | 3 | 7.8 % | 0.5 |
Houston-Pasadena-The Woodlands, TX | 14.7 % | 6.6 % | $349,900 | -2.5 % | -2.3 % | 5 | 15.2 % | -1.4 |
Indianapolis-Carmel-Greenwood, IN | 25.4 % | 18.5 % | $305,000 | 1.7 % | 6.8 % | 6 | 17.4 % | -1.6 |
Jacksonville, FL | -7.4 % | -2.5 % | $375,000 | -2.6 % | -2.9 % | 7 | 20.7 % | -3.5 |
Kansas City, MO-KS | 17.0 % | 32.9 % | $380,000 | 1.3 % | 2.3 % | -7 | 10.3 % | -1.3 |
Las Vegas-Henderson-North Las Vegas, NV | 25.4 % | 2.1 % | $465,000 | -0.5 % | -2.3 % | 11 | 18.4 % | 1.9 |
Los Angeles-Long Beach-Anaheim, CA | 13.0 % | -2.8 % | $1,025,000 | -5.9 % | -2.1 % | 3 | 10.7 % | 2.2 |
Louisville/Jefferson County, KY-IN | 25.6 % | 16.2 % | $299,990 | -1.9 % | 3.3 % | -1 | 14.3 % | -2.6 |
Memphis, TN-MS-AR | 13.7 % | 6.6 % | $299,900 | -9.0 % | -5.8 % | 4 | 17.7 % | -0.4 |
Miami-Fort Lauderdale-West Palm Beach, FL | 1.3 % | -6.4 % | $500,000 | -3.8 % | -2.4 % | 10 | 16.5 % | -2.3 |
Milwaukee-Waukesha, WI | 4.2 % | 11.4 % | $364,900 | 0.7 % | 4.7 % | 8 | 9.9 % | -2.2 |
Minneapolis-St. Paul-Bloomington, MN-WI | 10.2 % | -5.1 % | $404,950 | -4.7 % | -1.7 % | 4 | 10.2 % | -0.3 |
Nashville-Davidson--Murfreesboro--Franklin, TN | 15.6 % | 10.3 % | $525,000 | 0.0 % | 0.3 % | 7 | 13.2 % | -0.8 |
New York-Newark-Jersey City, NY-NJ | 3.7 % | 0.9 % | $749,000 | -0.1 % | -2.3 % | -1 | 6.1 % | 0.3 |
Oklahoma City, OK | 12.1 % | -6.6 % | $314,900 | 0.8 % | 0.1 % | 7 | 15.9 % | -1.4 |
Orlando-Kissimmee-Sanford, FL | 2.8 % | -2.3 % | $415,000 | -1.2 % | -2.2 % | 8 | 19.9 % | -2.4 |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 7.7 % | 4.6 % | $350,000 | -0.6 % | 0.2 % | 2 | 11.2 % | -1.1 |
Phoenix-Mesa-Chandler, AZ | 19.4 % | 1.7 % | $489,000 | -4.6 % | -2.1 % | 9 | 25.2 % | -0.3 |
Pittsburgh, PA | 4.2 % | 4.0 % | $239,000 | 4.0 % | 4.0 % | 2 | 11.2 % | -1.9 |
Portland-Vancouver-Hillsboro, OR-WA | 8.5 % | 2.7 % | $575,000 | -4.0 % | -2.0 % | 5 | 23.4 % | 1.3 |
Providence-Warwick, RI-MA | 12.1 % | -12.2 % | $549,900 | 5.5 % | 9.8 % | 7 | 9.0 % | -4.3 |
Raleigh-Cary, NC | 20.3 % | -15.1 % | $440,000 | 0.0 % | -0.7 % | 3 | 15.6 % | 0.9 |
Richmond, VA | 5.3 % | -4.8 % | $429,139 | 1.9 % | 2.4 % | 3 | 9.8 % | -2 |
Riverside-San Bernardino-Ontario, CA | 4.5 % | 3.7 % | $585,000 | -2.3 % | -0.6 % | 4 | 14.8 % | 0.7 |
Sacramento-Roseville-Folsom, CA | 9.7 % | -3.1 % | $599,000 | -2.6 % | -1.3 % | 5 | 13.5 % | -0.1 |
St. Louis, MO-IL | 10.3 % | 11.4 % | $284,900 | 3.6 % | 5.7 % | 6 | 12.6 % | 0.3 |
San Antonio-New Braunfels, TX | 14.5 % | 5.8 % | $319,990 | -1.5 % | -4.1 % | 7 | 21.3 % | 0.5 |
San Diego-Chula Vista-Carlsbad, CA | 12.3 % | -5.4 % | $899,000 | -5.4 % | -4.1 % | 6 | 13.0 % | 0.2 |
San Francisco-Oakland-Fremont, CA | -5.6 % | -9.4 % | $859,000 | -2.6 % | -3.7 % | -1 | 7.5 % | -0.6 |
San Jose-Sunnyvale-Santa Clara, CA | 23.3 % | 25.6 % | $1,195,000 | -5.8 % | -3.3 % | -4 | 6.4 % | 0.5 |
Seattle-Tacoma-Bellevue, WA | 32.5 % | -0.9 % | $730,000 | 0.6 % | -0.2 % | 15 | 12.8 % | 1 |
Tampa-St. Petersburg-Clearwater, FL | 9.6 % | -6.6 % | $399,727 | 0.7 % | 0.2 % | 15 | 24.1 % | -0.7 |
Tucson, AZ | 13.3 % | -1.2 % | $385,000 | -1.6 % | -1.0 % | 4 | 20.7 % | 2.2 |
Virginia Beach-Chesapeake-Norfolk, VA-NC | 4.7 % | 2.7 % | $399,900 | 2.7 % | 1.9 % | 5 | 13.2 % | -3.9 |
Washington-Arlington-Alexandria, DC-VA-MD-WV | 26.8 % | 9.4 % | $549,900 | -4.7 % | -6.1 % | 6 | 9.8 % | 0.8 |
Methodology
Realtor.com housing data as of January 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.
Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.
With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Mallory Micetich, press@realtor.com
SOURCE Realtor.com
FAQ**
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**MWN-AI FAQ is based on asking OpenAI questions about News Corporation (NASDAQ: NWSA).
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