January´s figures are in and the outcome is not good. January existing home sales hit the lowest figure recorded in 12 years which was in July 1997. The National Association of Realtors reported that the figure had fallen 5.3%, hitting 4.49 million units from its previous December total of 4.74 million. Briefing.com had estimated that the number would be higher, ranging at 4.79.

This may be due to many buyers delaying purchasing in hopes of new government programs to boost the market, aka lower interest rates, tax credits, etc and entice home buying. The NAR chief economist, Lawrence Yun, commented on this development saying, "Given so much stimulus package discussion in January, some would-be buyers simply sat out for clarity and certainty on the nature of housing stimulus,". He does feel that sales may start to rise as in the upcoming months, interest rates and prices are supposed to lower. Mike Larson, an analyst with Weiss Research, doesn´t agree with this view saying, "If Americans are worried they won't have a job next month, next quarter, or next year, you've got a real problem,...It doesn't matter if mortgage rates are 3% or 8%. People just aren't going to buy many houses."

January´s median existing home-price was at $170,300, which was almost 15% lower then January of the last year, which was $199,800. At least the amount of homes sitting on the market decreased, having been at 3.68 million in December, before lowering to 3.6 in January. According to the NAR report, if this is a comparable trend, it should take 9.6 months to sell those 3.6 million. Yun also commented on this, saying "The drop in total inventory is an encouraging sign because the number of homes on the market has declined steadily since peaking in July 2008, and inventory is at the lowest level in two years,".