Tight conditions are squeezing buyers across the country. In Westchester County, New York, real estate agent Pamela Grunstein is navigating a market that has 1.6 months of supply – a far cry from the 6 months or so that’s long been considered the sign of an evenly balanced market.

Sales of previously occupied U.S. homes fell in January as rising mortgage rates and prices put off many would-be homebuyers despite a wider selection of properties on the market.

After a large two-day drop, 30-year mortgage rates have inched up, but remain near their lowest level of 2025. Rates also climbed for most other loan types.