In January, the U.S. housing market experienced a notable downturn, with new home sales plunging to their lowest levels in several years. The median house price reached its highest point since 2022, while pending home sales fell 4.6%, hitting a record low amidst high mortgage rates and cold weather. The severe weather conditions and elevated prices have contributed to a stark decrease in buyer demand, causing existing home sales to also fall by 4.9%. Analysts express concerns that these trends indicate a prolonged freeze in housing activity, as home contract signings enter a steep decline. Economists are wary that the combination of high home prices, rising mortgage rates, and adverse weather conditions may continue to stifle the housing market in the near future.