January’s housing market is catching a lot of negative media. Sales are down from December. And prices were pretty weak compared to what locals are used to. In many ways the market is making a tough start for real estate professionals and consumers.

But if you step back and look at where the market is compared to where it was this time last year instead of how it performed from the previous month a more accurate picture comes into focus.

Sales are 17.7% better than January last year. They’re a little better than the pre-pandemic level, an important comparison to keep in mind. The median sales price is up 14.7%. New listings are up 18%. Active inventory is up 19%.

Dig a little deeper and the picture takes on more context about why the market is tougher, but not than much different from last year in some ways.

Sellers reduced the price on 39% of the homes than sold last month. This time last year the price reductions accounted for 35.5% of the homes that sold. And the average reduction didn’t change much. The average was $26,942 last month. Last year it was $27,542.

Sellers made more cuts to close the deal last month, but they didn’t give up as much as last year. The Jan. average was $19,285. Last year it was $20,624.

But the number of cash sales didn’t show up to spice the totals last month as they did last year. They accounted for 28% of last month’s sales, down from the 30% norm. The average cash sales was $301,513 last month.

There’s no way around the fact that the existing home market is tougher than what locals are used to. Unlike the new home market, it’s off to a slow start, but the fundamentals of the average sale haven’t changed that much. And with mortgage rates on the decline there’s nothing to indicate that sales won’t click with a rapidly approaching spring market.