Residential Real Estate Sales Volume Trends

At the national level, the housing market is showing signs of a measurable slowdown

Source: Construction Coverage analysis of Redfin data | Image Credit: Construction Coverage

Similar to home prices, the trajectory of home sales has been a roller coaster in recent years. The COVID-19 pandemic initially brought transactions to a near standstill, with sales plummeting by more than a third from the spring of 2019 to the spring of 2020. When the market rebounded, sales surged, reaching a record 48.4% year-over-year increase in May 2021. However, as mortgage rates rose and affordability worsened, sales volume declined sharply, falling 35.1% year-over-year by December 2022.

Since early 2023, home sales have gradually recovered. Though still below pre-pandemic levels, sales were down just 7.1% year-over-year by the close of 2023, marking a significant improvement from the previous year’s steep declines. While that momentum continued into 2024, the market has since slowed. As of January 2026, home sales were down 8.3% compared to the year prior.

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