Competition for homes easing fastest in Florida, Texas
Zillow's latest market report shows home buyers gaining leverage nationwide as competition eases in October. The shift is most prominent in Florida, Texas, and New Orleans, with Pittsburgh and Louisville joining 11 other major metros where buyers have an edge in negotiations. Monthly mortgage payments rose 2.8% month-over-month in October, though they remain $179 lower than last year. Inventory continues recovering from pandemic lows, now 28% below pre-pandemic norms - the smallest shortfall since September 2020. Markets with stronger inventory recovery and new construction are seeing softer home value appreciation, with the largest monthly drops in Austin, Dallas, Atlanta, Tampa, and San Antonio.
Il rapporti di mercato più recente di Zillow mostra che gli acquirenti di case stanno guadagnando potere negoziale a livello nazionale, mentre la competizione si allenta a ottobre. Questo cambiamento è particolarmente evidente in Florida, Texas e New Orleans, con Pittsburgh e Louisville che si uniscono ad altre 11 principali metropoli dove gli acquirenti hanno un vantaggio nelle trattative. I pagamenti mensili per il mutuo sono aumentati del 2,8% rispetto al mese precedente a ottobre, anche se rimangono $179 più bassi rispetto all'anno scorso. L'inventario continua a riprendersi dai minimi pandemici, ora 28% al di sotto delle norme pre-pandemia - il deficit più piccolo da settembre 2020. I mercati con una ripresa dell'inventario più forte e nuove costruzioni stanno registrando un'apprezzamento più contenuto del valore delle case, con i maggiori cali mensili in Austin, Dallas, Atlanta, Tampa e San Antonio.
El último informe del mercado de Zillow muestra que los compradores de viviendas están ganando ventaja a nivel nacional a medida que la competencia disminuye en octubre. Este cambio es más notable en Florida, Texas y Nueva Orleans, con Pittsburgh y Louisville uniéndose a otras 11 principales áreas metropolitanas donde los compradores tienen una ventaja en las negociaciones. Los pagos mensuales de la hipoteca aumentaron un 2,8% de mes a mes en octubre, aunque siguen siendo $179 más bajos que el año pasado. El inventario sigue recuperándose de los mínimos pandémicos, ahora un 28% por debajo de las normas anteriores a la pandemia - el déficit más pequeño desde septiembre de 2020. Los mercados con una recuperación más sólida del inventario y nueva construcción están viendo una apreciación más suave del valor de las viviendas, con las mayores caídas mensuales en Austin, Dallas, Atlanta, Tampa y San Antonio.
질로우의 최신 시장 보고서에 따르면, 10월에 경쟁이 완화되면서 주택 구매자들이 전국적으로 협상력을 얻고 있습니다. 이 변화는 플로리다, 텍사스, 뉴올리언스에서 가장 두드러지며, 피츠버그와 루이빌은 구매자들이 협상에서 우위를 점할 수 있는 11개 주요 도시와 함께하고 있습니다. 월별 모기지 상환액은 10월에 전월 대비 2.8% 상승했으나, 여전히 작년보다 $179 낮습니다. 재고는 팬데믹 저점에서 회복되고 있으며, 현재 팬데믹 이전 수준보다 28% 낮은 수준입니다 - 2020년 9월 이후 가장 작은 부족입니다. 재고 회복과 신규 건설이 강한 시장에서는 주택 가치의 상승률이 완화되고 있으며, 오스틴, 달라스, 애틀랜타, 탬파 및 샌안토니오에서 가장 큰 월간 하락폭을 보이고 있습니다.
Le dernier rapport de marché de Zillow montre que les acheteurs de maisons gagnent en pouvoir de négociation à l'échelle nationale alors que la concurrence s'apaisent en octobre. Ce changement est le plus marqué en Floride, Texas et La Nouvelle-Orléans, avec Pittsburgh et Louisville rejoignant 11 autres grandes métropoles où les acheteurs ont un avantage lors des négociations. Les paiements hypothécaires mensuels ont augmenté de 2,8 % par rapport au mois précédent en octobre, bien qu'ils soient toujours inférieurs de 179 $ par rapport à l'année dernière. L'inventaire continue de se redresser par rapport aux niveaux les plus bas de la pandémie, étant maintenant 28 % inférieure aux normes d'avant la pandémie - le plus petit manque depuis septembre 2020. Les marchés avec une meilleure reprise de l'inventaire et de nouvelles constructions voient une appréciation moins forte des valeurs immobilières, avec les plus grandes baisses mensuelles observées à Austin, Dallas, Atlanta, Tampa et San Antonio.
Der aktuelle Marktbericht von Zillow zeigt, dass Käufer von Immobilien in den USA zunehmend Verhandlungsmacht gewinnen, da der Wettbewerb im Oktober nachlässt. Der Wandel ist am deutlichsten in Florida, Texas und New Orleans, wobei Pittsburgh und Louisville sich weiteren 11 großen Metropolregionen anschließen, wo Käufer bei Verhandlungen im Vorteil sind. Die monatlichen Hypothekenzahlungen stiegen im Oktober um 2,8% gegenüber dem Vormonat, bleiben jedoch $179 unter dem Vorjahr. Der Bestand erholt sich weiterhin von den pandemiebedingten Tiefstständen und liegt jetzt 28% unter dem Niveau vor der Pandemie – der kleinste Rückstand seit September 2020. Märkte mit einer stärkeren Bestandsaufholung und Neubauten verzeichnen eine gedämpfte Wertsteigerung von Immobilien, wobei die größten monatlichen Rückgänge in Austin, Dallas, Atlanta, Tampa und San Antonio zu verzeichnen sind.
- Monthly mortgage payments are $179 lower than October last year
- Inventory deficit improved to -28% from -36% in March 2024
- 13 major markets now favor buyers, indicating market normalization
- Monthly mortgage payments increased 2.8% in October
- Inventory still 28% below pre-pandemic levels
- Home values declining in several major Southern markets
- Mortgage rates rebounding toward 7%
Insights
The housing market is showing significant regional shifts, particularly in Southern states. Florida and Texas markets are leading the transition towards buyer-favorable conditions, with Austin showing the largest monthly home value decline and a notable
Key market indicators reveal:
- Nationwide inventory deficit improved to
28% below pre-pandemic levels - Monthly mortgage payments increased
2.8% in October - Properties typically sell in 23 days, indicating still-healthy demand
The mortgage rate volatility continues to shape market dynamics. October's rate increase reversed four months of payment declines, though monthly payments remain
The divergence between strong-seller markets (New York, San Jose, Hartford) and emerging buyer's markets (Austin, Miami, Tampa) highlights how local supply factors are increasingly influential in market outcomes. This regional differentiation could create new opportunities for mortgage lenders and real estate platforms to tailor their services to local market conditions.
New construction and recovering inventory are helping shift markets in favor of buyers down south
- More markets are tilting in favor of buyers — including a few outside the South.
- Sold homes are typically on the market for 23 days before selling, a week faster than last year.
- October's mortgage-rate rebound raised monthly mortgage costs by
2.8% over September.
"We're seeing competition among buyers fade, with mortgage rates climbing back toward
Unlike mortgage rates and holiday-style seasonality, which show up nationwide, seasonal inventory trends are local. The moving decisions of buyers and sellers may not be as hampered by winter weather in Southern states, for example.
Even more of a differentiator is the inventory recovery from record lows during the pandemic in the South and select other areas that has helped push the scales of competition in favor of buyers — most prominently in
Now, buyers farther afield are jumping into the driver's seat.
With today's persistently high home prices and mortgage environment, competition among buyers has a lot to do with available inventory. Each of the 13 major markets where buyers currently have an edge are among the top 20 nationwide in terms of inventory recovery compared to pre-pandemic levels.
Reduced competition translates to softer home value appreciation. Monthly drops in home values are the largest in
Inventory nationwide is continuing on a long road to recovery from a deficit that developed early in the pandemic; it now stands roughly
New construction is another piece of the puzzle. Where builders have been better able to keep up with housing demand, balance is returning to markets sooner, and home price appreciation and rent growth have generally flattened out.
Mortgage rate relief in September was short-lived
The relief that home buyers felt in September from a dip in mortgage rates was brief. Rates ticked back up in October, giving back some affordability gains. Mortgage payments on a typical home purchase rose
Mortgage rates should continue to be volatile in the coming months. The BuyAbilitySM tool from Zillow Home Loans uses real-time mortgage rates to give buyers a current and personalized estimate of the home price and monthly payment that fit their budget.
Metro Area* | Zillow | ZHVI | Market | Inventory | New | Days-to- |
2.4 % | Neutral | -27.9 % | -17.7 % | -8 | ||
7.0 % | Strong seller | -53.4 % | -36.6 % | -26 | ||
4.6 % | Seller | -26.9 % | -21.8 % | -4 | ||
4.8 % | Seller | -47.5 % | -15.3 % | -21 | ||
-0.3 % | Neutral | -2.0 % | -6.1 % | -3 | ||
0.5 % | Neutral | -5.9 % | -0.2 % | 1 | ||
3.8 % | Seller | -40.4 % | -21.9 % | -9 | ||
4.6 % | Seller | -44.7 % | -18.7 % | -14 | ||
2.3 % | Buyer | -10.7 % | -21.5 % | 8 | ||
1.1 % | Buyer | -9.0 % | -18.8 % | 15 | ||
4.8 % | Seller | -41.2 % | -25.8 % | -6 | ||
0.0 % | Neutral | -12.6 % | -17.9 % | 4 | ||
1.4 % | Seller | -5.8 % | -15.0 % | 0 | ||
3.6 % | Seller | -27.8 % | -24.7 % | -4 | ||
4.1 % | Neutral | -36.8 % | -22.2 % | -10 | ||
4.5 % | Neutral | -21.8 % | -18.5 % | -3 | ||
1.0 % | Seller | -29.5 % | -18.9 % | -5 | ||
3.9 % | Neutral | -32.5 % | -28.5 % | -6 | ||
-1.2 % | Buyer | -4.9 % | -38.0 % | 20 | ||
0.3 % | Neutral | 3.2 % | -15.7 % | 9 | ||
2.8 % | Seller | -45.8 % | -13.4 % | -22 | ||
3.2 % | Seller | -44.7 % | -14.7 % | -13 | ||
0.4 % | Buyer | -0.3 % | -24.9 % | 10 | ||
1.8 % | Neutral | 3.8 % | -16.3 % | 9 | ||
-2.5 % | Buyer | 18.8 % | -5.7 % | 9 | ||
0.9 % | Neutral | -20.7 % | -23.0 % | -5 | ||
1.7 % | Seller | -29.3 % | -20.6 % | -2 | ||
2.1 % | Buyer | -33.8 % | -6.5 % | -15 | ||
3.9 % | Neutral | -34.2 % | -11.0 % | -8 | ||
-3.5 % | Buyer | 29.9 % | -23.3 % | 45 | ||
5.5 % | Neutral | -22.9 % | -30.2 % | 1 | ||
2.7 % | Neutral | -34.9 % | -15.5 % | -4 | ||
3.3 % | Neutral | -25.8 % | -20.9 % | -2 | ||
2.6 % | Buyer | -18.3 % | -9.2 % | 2 | ||
5.7 % | Seller | -51.8 % | -14.3 % | -34 | ||
7.1 % | Strong seller | -24.8 % | -17.0 % | -10 | ||
1.1 % | Buyer | -11.0 % | -17.3 % | -4 | ||
4.3 % | Seller | -44.1 % | -11.9 % | -25 | ||
6.8 % | Seller | -58.1 % | -30.2 % | -19 | ||
-0.4 % | Buyer | 7.5 % | -13.3 % | 20 | ||
4.9 % | Neutral | -23.9 % | 6.3 % | -21 | ||
2.0 % | Neutral | -6.0 % | 3.0 % | -8 | ||
1.0 % | Neutral | -11.7 % | -15.9 % | 10 | ||
0.5 % | Buyer | 0.4 % | -8.0 % | 10 | ||
4.2 % | Seller | -40.0 % | -13.1 % | -11 | ||
3.4 % | Buyer | -32.0 % | -17.6 % | -9 | ||
-3.2 % | Buyer | 51.6 % | 34.2 % | 19 | ||
1.4 % | Neutral | -14.1 % | -25.0 % | 4 | ||
7.0 % | Strong seller | -64.6 % | -20.6 % | -26 | ||
5.5 % | Strong seller | -40.8 % | -12.0 % | -12 | ||
-0.1 % | Neutral | -19.9 % | -5.5 % | -3 |
*Table ordered by market size |
**According to Zillow's market heat index |
1 The Zillow® market report is a monthly overview of the national and local real estate markets. The report is compiled by Zillow Research. For more information, visit www.zillow.com/research.
About Zillow Group:
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