Research and Statistics

“Housing affordability is improving, and consumers are responding, still, there is a long way to go to return to pre-pandemic levels of transaction activity. There are more than 6 million more jobs than in 2019, yet home sales per year are down by one million. Despite the modest gain in home sales, actual housing demand remains muted relative to wage growth and job gains. Inventory is growing, but sluggishly,” says NAR Chief Economist Dr. Lawrence Yun.

In January 2026, month-over-month pending home sales fell slightly with month-over-month sales increasing in the Midwest and West but declining in the Northeast and South. Several local markets showed notable year-over-year gains. According to NAR Chief Economist Lawrence Yun, “Improving affordability conditions have yet to induce more buying activity. Unless housing supply increases, these additional potential buyers becoming active in the market could simply push up home prices. This will put increasing pressure on affordability, which is why it is critical to increase supply by building more homes."