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U.S. home sellers aren’t used to tough real estate markets in recent years, but 2025 is turning out to be a tough nut to crack.
Home sales were down 4.9 percent in January, with the current median home price of $396,000 representing a 4.8 percent rise from January 2024, according to the National Association of Realtors® (NAR). That’s the 19th consecutive month seeing an increase in year-over-year home sales prices, and frustrated buyers seem like they’ve had enough.
“Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve,” said NAR Chief Economist Lawrence Yun in a news release. “When combined with elevated home prices, housing affordability remains a major challenge.”