The housing market is still completely paralyzed. Buying a house right now is certifiably insane.

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Inventory is sitting at 476,000 homes for sale, barely moving while sales collapse, meaning supply is starting to pile up as buyers disappear.

New Home Sales
Sales of new single-family houses in January 2026 were at a seasonally-adjusted annual rate of 587,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 17.6 percent (±13.3 percent) below the December 2025 rate of 712,000, and is 11.3 percent (±15.6 percent)* below the January 2025 rate of 662,000.

For Sale Inventory and Months’ Supply
The seasonally-adjusted estimate of new houses for sale at the end of January 2026 was 476,000. This is 0.4 percent (±1.2 percent)* above the December 2025 estimate of 474,000, and is 4.0 percent (±5.1 percent)* below the January 2025 estimate of 496,000.

This represents a supply of 9.7 months at the current sales rate. The months’ supply is 21.3 percent (±18.2 percent) above the December 2025 estimate of 8.0 months, and is 7.8 percent (±21.3 percent)* above the January 2025 estimate of 9.0 months.

Sales Price
The median sales price of new houses sold in January 2026 was $400,500. This is 4.5 percent (±8.0 percent)* below the December 2025 price of $419,200, and is 6.8 percent (±8.4 percent)* below the January 2025 price of $429,600. The average sales price of new houses sold in January 2026 was $499,500. This is 5.9 percent (±7.9 percent)* below the December 2025 price of $530,900, and is 3.6 percent (±8.2 percent)* below the January 2025 price of $518,200.

https://www.census.gov/construction/nrs/current/index.html

Builders are cutting prices and throwing incentives, with 37% already discounting and 64% using incentives, clear signs demand isn’t there.

https://www.reuters.com/business/finance/us-home-builder-sentiment-edges-up-march-nahb-2026-03-16/

Rates aren’t coming down anytime soon and could push back toward 7% if the war drags on, locking buyers out even harder.

https://www.reuters.com/markets/us/us-home-prices-crawl-higher-30-year-mortgage-rates-stick-near-6-2026-03-17/