Stephen Kates, monetary analyst at Bankrate, said the numbers indicated a market that has lost momentum.
“The most recent information programs that the national housing market is successfully treading water,” he said, keeping in mind that the S&P/ Case‑Shiller nationwide index published a slim 0.9% annual gain for January 2026, versus the FHFA’s 1.6% rise over the same period.
He added that on a monthly basis “the marketplace remains nearly flat, providing little proof of a pickup in the new year.”
Affordability capture meets stubborn costs
For many owners, those nominal gains were deteriorated by living costs.
“For the common homeowner, the heading gains are being swallowed by the increasing cost of living, indicating your home’s real worth is a little lower than it was a year ago when adjusted for inflation,” Kates said.