HousingWire
Median list price holds at $419,999 while Northeast and Midwest outpace South in seller leverage
The national housing market closed out January with relatively little week-over-week movement, but the latest data shows a market increasingly shaped by regional differences rather than a single national trend.
Pricing, inventory and time on market all point to stabilization at the national level, even as local conditions continue to diverge.
National conditions hold steady
The median list price for single-family homes held at $419,999. Newly listed homes entered the market at a lower median price of $409,900, signaling continued price sensitivity among sellers bringing fresh inventory online.
Homes spent a median of 91 days on market, with an average of 133 days, highlighting wide variation between faster-moving and slower local markets.
Total inventory remained essentially flat at 696,222 homes, a 0.2% decline week over week. The pullback suggests supply is stabilizing rather than meaningfully tightening or loosening.
The Market Action Index (MAI) registered 34.0, indicating a modest seller advantage nationally.
What is the Market Action Index? MAI measures the balance between supply and demand by tracking how quickly homes are selling relative to inventory levels. Housing professionals use the index to gauge pricing power, expected time on market and negotiation leverage, and to compare momentum across regions and over time.
Rate stability provides important context
“I expected housing data to take a hit after the solid start we had already seen in 2026, but it remained mostly positive, which surprised me,” HousingWire Lead Analyst Logan Mohtashami wrote this week’s Housing Market Tracker.
“The big key to that, of course, is that mortgage rates … are still near 6% and didn’t show much volatility,” he added.
That rate stability appears to be supporting demand enough to prevent sharper inventory buildup or accelerated price cuts, even as regional conditions diverge.
Regional differences continue to widen
Northeast: The strongest seller-side conditions nationally, with an average median price of $551,106, the lowest share of price reductions (25.0%) and the highest Market Action Index (38.1). Homes spent a median of 87 days on market, the fastest pace among regions.
West: The highest-priced region, with an average median price of $616,570, but slower turnover. Homes spent 101 days on market, and 29.8% of listings saw price reductions, slightly below the national average.
South: The most buyer-friendly conditions overall. Price reductions affected 32.7% of listings, and the region posted the lowest Market Action Index (33.0). Median days on market stood at 92.
Midwest: The most affordable region, with an average median price of $324,362, paired with unexpectedly strong activity. The region posted a Market Action Index of 37.4, second only to the Northeast.
Why this week’s housing data matters
The market is stable nationally but increasingly uneven locally. Inventory declined modestly week over week, and price reductions held near long-term norms, signaling balance rather than renewed loosening.
Seller leverage is concentrating. The Northeast and parts of the Midwest continue to show faster sales and fewer price cuts, while Southern markets are seeing greater discounting and cooler activity.
Pricing power is diverging by market. Higher-cost regions are holding firmer on price despite longer days on market, while more affordable regions are offering buyers greater negotiating leverage.
Rate stability is helping hold the line. Mortgage rates near 6% are supporting demand enough to limit sharper inventory growth or deeper price cuts.
What to watch next
As the market moves into February, professionals will be watching whether inventory remains stable and how upcoming labor data and bond market reactions influence mortgage rates.