Blizzard slows housing activity, not market fundamentals

The late January snowstorm that blanketed much of the US is now clearly visible in the national housing data. After showing only mild effects the week before, homebuilding activity fell on several key measures, led by new homes and pending sales.

Yet the broader market picture remains intact. Inventory growth is slowing, the share of homes with price reductions continues to improve year over year, and the Market Action Index (MAI) remains seller-biased nationally, supported by mortgage rates near 6%.

“I was surprised that the last Housing Market Tracker didn’t show much drama from the epic late January snowstorm that hit much of the US, but today’s tracker data certainly took a hit. However, the housing market will be back to full strength soon.”

Snapshot of the national market

Most important figures as of February 6, 2026 (single-family homes)

Advertisements and contracts reflect timing disruption

The storm’s impact is most visible in new listings and pending sales – the two metrics that tend to move first when weather disrupts showings, inspections and seller timing decisions.

The number of new listings fell to 48,365, down 10.2% year-on-year from 53,861. Because new listings represent the cleanest real-time supply signal, the pace of recovery in the coming weeks will be critical in shaping inventory levels in early spring. A quick rebound would confirm a weather-induced lull. A prolonged decline would reduce supply in the run-up to the high season.

Pending home sales fell to 54,255, a decline of 5.7% year over year. Because pending contracts typically convert to closes with a 30- to 60-day lag, this week’s softness will likely impact transaction volume in March and April. The direction of mortgage rates will determine whether that dip is temporary or lasts longer.

Inventory growth continues to slow

Active inventory fell from 696,222 to 687,697 homes, a decline of 1.2% week-on-week. On a year-over-year basis, inventories rose 8.8%, a sharp slowdown from the growth peak of around 33% recorded in 2025.

The slowdown in inventory growth changes the supply story heading into spring. As year-over-year comparisons become more difficult in the coming months, even modest listing growth could mean tighter market conditions than many expected late last year.

“Inventory growth, which peaked at 33% in 2025, is now below 9% year-over-year. Year-over-year comps will become more difficult as we move into the spring.”

The price signals remain strong

Despite slower weekly activity, price figures continued to improve. Homes with price reductions accounted for 32.2% of homes, below last year’s level of 33.0%, continuing the trend of negative year-over-year price reductions. At the same time, the MAI rose to 35.9, reinforcing seller-oriented national conditions.

The combination of moderating inventory growth and improving share of price reductions indicates that supply and demand remain in relative balance despite short-term volatility. The mortgage interest rate of almost 6% continues to have a stabilizing effect.

Regional markets exhibit varying degrees of resilience

Subways of the Snow Belt

New York Subway

• Inventory: 12,222 (down 3.2% week on week, up 0.3% year on year)
• New offers: 1,148 (up 8.0% week on week, down 22.2% year on year)
• BE ABLE TO: 43.3
• Price reductions: 18.8%

Chicago Subway

• Inventory: 7,672 (down 1.1% week on week, down 3.0% year on year)
• New offers: 789 (up 19.0% week on week, down 9.0% year on year)
• BE ABLE TO: 43.1
• Price reductions: 26.2%

Metro Detroit

• Inventory: 6,605 (down 2.2% week on week, up 20.6% year on year)
• New offers: 573 (up 11.0% week on week, up 8.1% year on year)
• BE ABLE TO: 45.0

Several northern metros continue to show strong seller-oriented conditions and relatively low price declines, indicating continued buyer competition despite weather-induced volatility.

Southern markets

Houston

• Inventory: 31,347 (up 0.1% week on week, up 16.9% year on year)
• New offers: 1,882 (up 14.3% week on week, down 0.6% year on year)
• BE ABLE TO: 29.1

Dallas-Fort Worth

• Inventory: 23,909 (down 1.0% week on week, up 3.5% year on year)
• New offers: 1,394 (down 1.5% week on week, down 26.1% year on year)
• BE ABLE TO: 33.6

Miami

• Inventory: 15,167 (down 0.9% week on week, down 3.1% year on year)
• New offers: 1,096 (down 3.5% week on week, down 13.5% year on year)
• BE ABLE TO: 35.0

Southern markets remain more balanced overall, with higher inventory levels in some metros creating greater price sensitivity compared to tighter northern markets.

State-level trends

• Texas leads the country in inventory with 117,049 homes, but saw a 10.9% year-on-year decline in the number of new homes.
• Floridathe second largest inventory state with 92,312 homes, recorded a 10.8% year-over-year decline in new listings.
• California continues to see strong sales conditions (MAI 46.7) and one of the lowest markdowns in major states (24.6%).

Outlook towards spring

The snowstorm at the end of January clearly disrupted weekly activity, especially in the areas of quotes and contracts. However, slowing inventory growth, improving markdown shares and stable mortgage rates indicate that the underlying structure of the housing market remains stable.

The pace at which new supply recovers will determine whether this episode will register as a brief winter hiatus or the start of more limited supply in the spring.

For deeper context on interest rates, demand signals and the macroeconomic backdrop shaping housing activity in early 2026, read HousingWire’s Housing Market Tracker weekly analysis. HousingWire used HW Data to uncover this story. This article is based on data on single-family homes through February 6, 2026. The Market Action Index (MAI) measures the balance between supply and demand, with higher values ​​indicating stronger seller influence. Generate housing market reports to see what’s happening in your own local market. For enterprise customers looking to license the same market data on a larger scale, visit HW Data.

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