The U.S. housing market cooled after rapid price surges, with home prices rising just 1.1% year-over-year as of January 2026. Sales volume remains below pre-pandemic levels, down 8.3% year-over-year. The Northeast leads in market activity, driven by limited supply and strong demand, while Southern and Mountain West markets have cooled. California remains active with a median price of $780,100 and 36.3% of homes selling above asking.
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