CNBC is reporting a huge drop in homebuyer demand. January 2026 was one of the worst month for sales on record, and now the NAR is claiming it’s a “new housing crisis”. Mortgage demand to buy homes is also plummeting. Could this mean that the long-awaited U.S. housing crash is going to finally hit in 2026?
Home prices are already dropping in many markets. But overall national values are still high – up 0.9% YoY according to the National Association of Realtor’s median price figure. That is making affordability challenging, with the typical American household needing to pay 37% of their gross income on a mortgage to buy a house (including taxes and insurance).