Geographically, trends varied widely, with formerly hot areas like Florida and the Southeast posting the deepest declines and formerly cool areas, like the Midwest, showing healthy gains.

However, DePaul University’s Institute for Housing Studies expects Illinois home sales to slide 1.6% between October and January. 

By region, sales rose in the Midwest, Northeast and South but fell in the West. 

At the same time, time on market jumped as inventory increased. 

The chief economist for the National Association of REALTORS® also predicts home prices will climb 4% compared to 2025. 

Nationwide, the median price for a single-family home increased 1.7% year over year to $426,800. Prices increased by the same annual rate during the second quarter.

Given the rate of sales, the nation had a 4.6-month housing supply, up from 4.2 months a year prior.

Nationally, home sales in the 52 metro areas surveyed by RE/MAX increased 8.5% year over year for the fourth time in 2025, but declined 4.6% month over month.

At the same time, days on market jumped year over year, Mainstreet REALTORS® said.

The pace of home sales, meanwhile, remained at “multi-decade lows” even as affordability reached its most favorable level since 2022.

Staid markets in the Midwest that missed the fervid speculation of the pandemic are now enjoying healthy gains.

The pace of new-home sales hit an annual rate of 800,000, its highest level since January 2022. 

Fannie Mae also reduced its forecasts for home sales in 2025 and 2026. 

The slower sales pace was accompanied by more days on market for Chicagoland homes, Mainstreet REALTORS® said. 

The decline in sales came as a 17-month run of year-over-year increases in new listings came to a close.

The move was widely anticipated and is expected to be followed by additional cuts this year.