Week Ending February 6, 2026

If you’ve been waiting for the housing market to take a breath, this week delivered exactly that. Slower job growth, rising inventory, and steadier mortgage rates are nudging the market away from frenzy and toward something we haven’t seen in a while: balance.

Here’s what matters most—nationally, across Ohio, and right here in Central Ohio.

National Real Estate & Economic Snapshot

The broader economy is clearly cooling, and housing is feeling it.

Private payroll processor ADP reported that employers added just 22,000 jobs in January, roughly half of what Wall Street expected. Even more eye-opening: ADP revised 2025 job growth down by 35%, from 614,000 to 398,000 jobs. That’s not a rounding error—that’s a slowdown.

At the same time, the Bureau of Labor Statistics JOLTS report showed job openings plunging to 6.5 million, down 13% year-over-year and the lowest level since 2017 (excluding COVID years). Hiring and firing both remain unusually low.

Why does this matter for housing? Because weaker job growth increases the odds of Federal Reserve rate cuts—and that pressure has already helped keep mortgage rates in check.

According to Freddie Mac, 30-year fixed mortgage rates are hovering in the low-6% range, offering some breathing room for buyers.

National Housing Market Overview

The U.S. housing market is cooling—but not cracking.

• Active listings: up 8.9% year-over-year
• New listings: down 13.3%, partly due to winter storms
• Days on market: up by 6 days
• Median list prices: down 2.4% year-over-year, the largest weekly drop on record

Despite that, closed sales surprised to the upside. Existing home sales rose 5.1% in December to an annualized pace of 4.35 million, with median prices holding at $405,400, up slightly year-over-year.

Translation: more choices for buyers, less urgency, and sellers needing to be realistic.

Ohio Market Overview

Ohio is following the national script—with a Midwestern accent.

Earlier statewide data showed sales down about 6.8%, while prices rose 6.4% year-over-year to $284,191. More recent trends suggest stabilization, especially in metro areas.

• Inventory is gradually increasing
• Price growth has moderated to 3–4% annually
• Days on market are lengthening, giving buyers room to negotiate
• Ohio mortgage rates align closely with national trends, averaging 6.17% APR

No fireworks—but no freefall either. This is what normalization looks like.

Central Ohio Market Update

Here at home, the market is quietly rebalancing—and that’s good news.

• Median sale prices: roughly $322,000–$338,000, up 3–4% year-over-year
• Active listings: up 14.2%, reaching about 4,440 homes
• Closed sales: up 2.2% year-over-year (2,193 homes in November)
• Days on market: now averaging 40 days, a 29% increase

That extra time on market means buyers have leverage again—especially on homes that are overpriced or need work. At the same time, Central Ohio continues to attract relocation buyers, particularly higher-earning professionals, which is helping support prices.

Mortgage Rate Insights

Mortgage rates remain surprisingly calm.

• National 30-year fixed: averaging 6.23%
• Ohio 30-year fixed: around 6.17% APR

Most economists expect rates to stay in the 6%–6.5% range in the near term. A dip below 6% could unleash a surge in demand—some estimates suggest as much as 30% more buyer activity—but affordability remains the wildcard.

Bottom line: rates aren’t cheap, but they’re no longer scary.

Latest Sales Figures at a Glance

• U.S. existing home sales: 4.35 million annualized (+5.1% monthly)
• National inventory: 3.3 months’ supply
• Central Ohio closings: 2,193 homes (+2.2%)
• Central Ohio median price: $325,000 (+3.2%)
• New home prices: holding strong at $392,300–$413,500

Policies & Events to Watch

• Winter storms slowed new listings nationwide.
• President Donald Trump floated the idea of banning institutional investors from single-family homes—something that could impact future inventory.
• The Ohio REALTORS Winter Conference featured economist Lawrence Yun, who forecasts 14% national home sales growth in 2026.
• The upcoming Ohio Chamber Housing Summit will focus on housing supply and workforce challenges—two issues hitting Central Ohio directly.

Looking Ahead: Week of February 9

Eyes are on:

• The delayed January jobs report and its impact on rate-cut expectations
• Pending home sales data to see if December momentum continues
• Continued inventory growth in Central Ohio

National price growth is expected to remain flat, while Central Ohio should see modest, steady activity.

Practical Takeaways

For Buyers

• More inventory means more negotiating power—use it.
• Shop lenders aggressively; rate spreads can save $1,200+ per year.
• Watch economic data closely—short-term rate dips can matter.
• First-time buyer programs in outer-ring suburbs deserve a look.

For Sellers

• Pricing matters more than ever—overpricing gets punished.
• Expect longer market times and prepare accordingly.
• Staging and condition are no longer optional.
• Relocation buyers remain a bright spot in Central Ohio demand.

The big picture: the market is no longer running hot, but it’s still healthy. This is a steadier, more rational environment—better for thoughtful buyers, realistic sellers, and long-term homeowners.

As always, if you want to know what this means for your specific neighborhood—or your next move—I’m happy to help.