NEW: January Home Sales Plummet as Trump’s Housing Market Makes Homeownership a Pipe Dream for Working Families Arrow

A new report released today shows that sales of previously owned homes in January dropped by a higher-than-expected rate of 8.4% compared to December, tied for the largest single-month decline since the height of the pandemic in 2020. The National Association of Realtors noted that potential homebuyers are struggling amid a limited housing supply. Homes are similarly taking much longer to sell, with the average home remaining on the market for 46 days, and the median age of first-time homebuyers climbing to a record high of 40 in 2025.

In response, DNC Rapid Response Director Kendall Witmer released the following statement:

"Donald Trump's disastrous economy has worsened the housing crisis, putting the American dream of owning a home further out of reach for everyday Americans. Despite Trump's promises on the campaign trail to make 'housing much more affordable,' home sales are tanking due to unaffordable list prices, and working families are being forced to decide whether to pay their mortgages, put food on the table, or buy their prescription drugs. Meanwhile, Trump's housing market - like the rest of his economy - is benefiting billionaires and big corporations. While Trump props up Wall Street, homeownership is slipping out of reach for millions of working families."

Homeowners, particularly those living in low-income communities, are struggling to keep up with their mortgage payments, as delinquency rates climb to a 10-year high. Meanwhile, wealthy homeowners are far less likely to miss their payments, with delinquency rates in high-income communities remaining at record lows: In December 2025, sales of homes that cost $1 million or more climbed more than 10% from the prior year, as wealthy homeowners maintain the strongest purchasing power.

Polls have consistently shown that housing costs are top of mind for everyday Americans, and a majority of Americans believe that Trump and Republicans are not focused on lowering housing costs. Two-thirds of voters also believe that a middle-class lifestyle is out of reach for most people, and nearly 80% say it is harder to achieve now than a generation ago.