The Redfin Home Price Index rose +0.3% MoM and +2.1% YoY in January, extending a year-long slowdown in annual growth.

• YoY price growth slowed to +2.1% in January, down from +2.4% YoY in December, marking nearly 12 consecutive months of deceleration.

• Prices increased +0.3% MoM (Dec: +0.2%), showing continued but modest monthly gains.

• Prices fell MoM in 14 of the 50 largest metros, with biggest declines in Warren, MI (-1.5%), San Antonio (-1.0%), and Minneapolis (-0.8%), pointing to localized softness.

• YoY prices declined in 16 metros, led by Austin (-4.2%), San Antonio (-3.8%), and Jacksonville (-3.0%), while strongest gains were San Francisco (+14.3%), New York (+11.1%), and Milwaukee (+9.2%), highlighting regional divergence.

• The average 30-year mortgage rate was 6.09% (down from nearly 7% YoY), improving purchasing power but still limiting demand.

• There were 47% more sellers than buyers, indicating a buyer-favored market with greater negotiating leverage.

• Pandemic-era growth peaked near +21% YoY, providing context for the current muted pace of appreciation.