Buyers are seeing more options as housing market hits its late-summer slowdown
- New listings rose 4% in August, giving buyers more new choices.
- Total inventory also ticked up in August, rising 2.2% from July.
- The typical U.S. home value climbed 0.2% from July to August.
- Home values climbed month over month in 32 of the 50 largest metro areas in August, led by Hartford, Buffalo, San Diego, Cleveland, and Providence.
- Values fell from July to August in 12 major metro areas, most notably in New Orleans, Austin, San Antonio, Denver, and Dallas.
The drought of new listings abated slightly in August, despite high mortgage rates
- New listings rose
4% in August, giving buyers more new choices. - Appreciation eased off the gas, rising just
0.2% from July to August after stronger earlier showings. - Competition for homes remains stiff, but sales declined as is typical at this time of year.
"Those still shopping for homes late in summer were offered a bit of relief, and not all from expected sources. Competition for houses tends to ease up at this time of year, giving buyers more time to decide and a better chance to negotiate on price," said Jeff Tucker, Zillow senior economist. "What we didn't expect — especially considering 7-plus-percent mortgage rates — was more new listings. The inventory crunch is still far from resolved, but this was a small step in the right direction."
Sellers listed nearly 350,000 homes for sale across the
Homeowners who bought or refinanced to ultra-low mortgage rates in 2020 or 2021 have been loath to sell, which has kept new listings at seasonal record lows (with the exception of April 2020) for 14 straight months. Total inventory also ticked up in August, rising
Heading into fall, shoppers can generally expect more modest price growth and less competition compared to the peak seasons of spring and early summer — and that's what Zillow data is showing.
The typical
Home values climbed month over month in 32 of the 50 largest metro areas in August, led by
As is usually the case at this time of year, price cuts on listings are becoming more and more common by the month, and buyers are getting a bit more time to decide on a house. Listings in August took a median of 13 days to go pending — one day longer than in July.
Sales activity decreased as well: There were
Mortgage rates are still volatile as financial markets respond to new economic data and comments from the Federal Reserve. Regardless of rate movements, home shoppers on Zillow can make sure their results stay within their budget by using an affordability calculator and searching by a range of monthly payments that work for them.
Metropolitan | August | ZHVI | ZHVI | Median | New For- | New For- | Total |
0.2 % | 1.3 % | 13 | 4.0 % | -12.7 % | -13.9 % | ||
0.4 % | 2.1 % | 26 | -1.2 % | -23.0 % | -29.5 % | ||
0.5 % | 1.6 % | 14 | -3.4 % | -18.8 % | -29.6 % | ||
0.5 % | 4.1 % | 8 | 3.6 % | -10.7 % | -25.9 % | ||
-0.2 % | -2.4 % | 18 | -5.1 % | -8.2 % | 1.5 % | ||
0.0 % | -1.3 % | 20 | -6.7 % | -10.8 % | -2.2 % | ||
| 0.0 % | 2.2 % | 7 | -7.1 % | -17.0 % | -33.2 % | |
| 0.6 % | 5.5 % | 9 | 1.1 % | -13.4 % | -22.1 % | |
0.5 % | 5.0 % | 21 | 11.5 % | -15.1 % | -5.5 % | ||
0.2 % | 0.6 % | 16 | 1.5 % | -19.2 % | -19.3 % | ||
0.6 % | 4.5 % | 8 | 4.7 % | -15.6 % | -28.3 % | ||
0.4 % | -6.4 % | 20 | 14.3 % | -29.0 % | -41.2 % | ||
San | 0.0 % | -4.2 % | 14 | 0.6 % | -14.2 % | -30.5 % | |
0.5 % | -0.5 % | 15 | -0.5 % | -22.7 % | -29.5 % | ||
0.5 % | 3.0 % | 8 | 2.4 % | -14.1 % | -22.8 % | ||
0.0 % | -2.4 % | 8 | -2.3 % | -17.8 % | -35.2 % | ||
| -0.2 % | 0.6 % | 17 | 4.2 % | -8.6 % | -17.1 % | |
0.9 % | 2.2 % | 10 | 1.5 % | -16.2 % | -38.0 % | ||
0.3 % | -1.4 % | 14 | 1.8 % | -15.6 % | -12.8 % | ||
-0.2 % | -2.6 % | 12 | 5.2 % | 0.5 % | -8.4 % | ||
| 0.1 % | 3.6 % | 7 | 0.9 % | -16.2 % | -24.9 % | |
0.1 % | 4.6 % | 6 | 5.0 % | -3.1 % | -7.3 % | ||
0.3 % | 1.0 % | 15 | 3.1 % | -16.5 % | -13.6 % | ||
0.4 % | -0.3 % | 9 | 6.6 % | -24.3 % | -14.5 % | ||
| -0.4 % | -2.6 % | 27 | -2.6 % | -17.7 % | 9.5 % | |
-0.2 % | -1.6 % | 13 | -5.4 % | -18.4 % | -18.6 % | ||
| 0.2 % | -3.8 % | 11 | 5.2 % | -18.8 % | -37.2 % | |
| 0.6 % | 2.6 % | 9 | 8.5 % | -10.4 % | -16.3 % | |
| 0.2 % | 5.0 % | 6 | -8.6 % | -28.5 % | -28.7 % | |
-1.0 % | -11.4 % | 42 | -3.3 % | -16.1 % | -6.2 % | ||
0.6 % | -6.4 % | 13 | 7.2 % | -36.4 % | -46.3 % | ||
| 0.0 % | 4.3 % | 6 | -6.9 % | -14.4 % | -15.9 % | |
| 0.4 % | 3.9 % | 5 | 2.4 % | -13.8 % | -16.9 % | |
| 0.2 % | 1.6 % | 8 | 9.7 % | -13.7 % | -11.9 % | |
| 0.7 % | 4.6 % | 6 | 2.8 % | -12.0 % | -20.0 % | |
0.3 % | -0.4 % | 9 | 18.6 % | -2.5 % | -34.4 % | ||
-0.1 % | -2.7 % | 17 | -2.9 % | -23.9 % | -13.5 % | ||
| 0.3 % | 5.7 % | 19 | -1.2 % | -11.2 % | -18.1 % | |
| 0.7 % | 5.3 % | 9 | 16.9 % | -10.5 % | -26.3 % | |
| 0.2 % | -2.2 % | 28 | 4.6 % | -17.6 % | -6.3 % | |
| 0.4 % | 8.1 % | 13 | 20.8 % | 8.5 % | -19.3 % | |
| -0.1 % | 3.7 % | 11 | 6.0 % | -5.8 % | 1.3 % | |
0.0 % | -2.1 % | 9 | 11.2 % | -22.7 % | -28.8 % | ||
0.3 % | -0.6 % | 25 | 4.3 % | -4.7 % | 7.0 % | ||
| -0.1 % | 4.4 % | 6 | 2.6 % | -16.4 % | -26.2 % | |
0.2 % | 3.8 % | 7 | 1.2 % | -15.5 % | -18.7 % | ||
| -1.4 % | -8.7 % | 29 | 3.3 % | -16.9 % | 11.6 % | |
| -0.1 % | -3.2 % | 14 | 12.2 % | -18.1 % | -19.7 % | |
1.3 % | 9.9 % | 6 | 0.4 % | -13.9 % | -25.1 % | ||
1.0 % | 4.1 % | 10 | -3.7 % | -16.9 % | -19.4 % | ||
| -0.1 % | 0.4 % | 13 | -4.0 % | -13.0 % | -6.9 % | |
*Table ordered by market size | |||||||
1 The Zillow Real Estate Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research.
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