Mortgage rate dip makes for a lively 'last call' in this year's home shopping season
Zillow's latest market report reveals increased activity in the housing market due to lower mortgage rates. Home sales and new listings moved closer to pre-pandemic norms in September, with sales down 22.2% and new listings down 17% compared to pre-pandemic averages. The typical U.S. home value is now just under $361,000, down 0.2% from August but up 2.4% year-over-year.
Lower mortgage rates boosted buying power, with a two-year low of 6.08% in late September increasing affordability by over $40,000 for some buyers. The share of listings with price cuts decreased to 25.1% in September. Buyers markets are spreading across the Southeast, with 10 of the 50 biggest metros now favoring buyers, primarily in Florida, Georgia, Texas, Tennessee, and Louisiana.
The report warns that mortgage rates remain volatile, emphasizing the importance of buyers being prepared for market fluctuations.
Il rapporto di mercato più recente di Zillow rivela una crescente attività nel mercato immobiliare a causa dei tassi ipotecari più bassi. Le vendite di case e le nuove inserzioni si sono avvicinate ai normali livelli pre-pandemia a settembre, con vendite in calo del 22,2% e nuove inserzioni in calo del 17% rispetto alle medie pre-pandemia. Il valore medio delle case negli Stati Uniti è ora poco sotto $361,000, in calo dello 0,2% rispetto ad agosto, ma in aumento del 2,4% rispetto all'anno precedente.
I tassi ipotecari più bassi hanno aumentato il potere d'acquisto, con un minimo di due anni del 6,08% a fine settembre che ha aumentato l'accessibilità di oltre $40,000 per alcuni acquirenti. La quota di inserzioni con riduzioni di prezzo è diminuita al 25,1% a settembre. I mercati favorevoli agli acquirenti si stanno diffondendo nel Sud-est, con 10 delle 50 metropoli più grandi che ora favoriscono gli acquirenti, principalmente in Florida, Georgia, Texas, Tennessee e Louisiana.
Il rapporto avverte che i tassi ipotecari rimangono volatili, sottolineando l'importanza che gli acquirenti siano pronti per le fluttuazioni del mercato.
El último informe del mercado de Zillow revela una mayor actividad en el mercado de la vivienda debido a las tasas hipotecarias más bajas. Las ventas de viviendas y los nuevos listados se acercan a las normas del período anterior a la pandemia en septiembre, con ventas en descenso del 22.2% y nuevos listados en descenso del 17% en comparación con los promedios previos a la pandemia. El valor típico de una casa en EE. UU. es ahora de poco menos de $361,000, lo que representa una disminución del 0.2% con respecto a agosto, pero un aumento del 2.4% año con año.
Las tasas hipotecarias más bajas han impulsado el poder de compra, con un mínimo de dos años del 6.08% a finales de septiembre que aumentó la asequibilidad en más de $40,000 para algunos compradores. La proporción de listados con recortes de precios disminuyó al 25.1% en septiembre. Los mercados para compradores se están extendiendo por el sureste, con 10 de las 50 áreas metropolitanas más grandes que ahora favorecen a los compradores, principalmente en Florida, Georgia, Texas, Tennessee y Luisiana.
El informe advierte que las tasas hipotecarias siguen siendo volátiles, enfatizando la importancia de que los compradores estén preparados para las fluctuaciones del mercado.
Zillow의 최신 시장 보고서는 낮은 모기지 금리로 인해 주택 시장에서의 증가된 활동을 보여줍니다. 주택 판매 및 신규 리스팅이 팬데믹 이전의 정상 수준에 가까워졌습니다 9월에, 판매는 22.2% 감소하고 신규 리스팅은 팬데믹 이전 평균에 비해 17% 감소했습니다. 미국의 일반 주택 가치는 현재 $361,000 이하로, 8월보다 0.2% 감소하였으나, 전년 대비 2.4% 상승했습니다.
낮은 모기지 금리는 구매력을 향상시켰으며, 9월 말 6.08%의 2년 최저점으로 일부 구매자에게는 40,000달러 이상의 affordability가 증가했습니다. 가격 인하가 있는 리스팅의 비율은 9월에 25.1%로 감소했습니다. 구매자 시장이 남동부 전역으로 확산되고 있습니다, 50대 도시 중 10개가 현재 구매자에게 유리하며, 주로 플로리다, 조지아, 텍사스, 테네시, 루이지애나에 위치하고 있습니다.
보고서는 모기지 금리가 여전히 변동성이 있음을 경고하며, 시장의 변동에 대비하는 것이 구매자에게 중요하다고 강조하고 있습니다.
Le dernier rapport de marché de Zillow révèle une activité accrue sur le marché immobilier en raison de la baisse des taux hypothécaires. Les ventes de maisons et les nouvelles annonces se sont rapprochées des normes d'avant la pandémie en septembre, avec des ventes en baisse de 22,2 % et des nouvelles annonces en baisse de 17 % par rapport aux moyennes d'avant la pandémie. La valeur typique d'une maison aux États-Unis est maintenant juste en dessous de $361,000, en baisse de 0,2 % par rapport à août mais en hausse de 2,4 % par rapport à l'année précédente.
La baisse des taux hypothécaires a augmenté le pouvoir d'achat, avec un minimum de deux ans de 6,08% fin septembre, rendant l'accessibilité supérieure de plus de 40 000 $ pour certains acheteurs. La part des annonces avec baisses de prix a diminué à 25,1 % en septembre. Les marchés favorables aux acheteurs s'étendent dans le Sud-Est, avec 10 des 50 plus grandes métropoles maintenant en faveur des acheteurs, principalement en Floride, en Géorgie, au Texas, au Tennessee et en Louisiane.
Le rapport avertit que les taux hypothécaires restent volatils, soulignant l'importance pour les acheteurs de se préparer aux fluctuations du marché.
Der neueste Marktbericht von Zillow zeigt eine erhöhte Aktivität auf dem Immobilienmarkt aufgrund niedrigerer Hypothekenzinsen. Der Verkauf von Häusern und neue Angebote haben sich im September den normalen Werten vor der Pandemie angenähert, mit einem Rückgang der Verkaufszahlen um 22,2 % und einem Rückgang der neuen Angebote um 17 % im Vergleich zu den Werten vor der Pandemie. Der typische Wert eines Hauses in den USA liegt jetzt bei knapp $361,000, was einem Rückgang von 0,2 % im Vergleich zu August, aber einem Anstieg von 2,4 % im Jahresvergleich entspricht.
Niedrigere Hypothekenzinsen haben die Kaufkraft erhöht, wobei ein Zweijahrestief von 6,08% Ende September die Erschwinglichkeit für einige Käufer um über 40.000 Dollar gesteigert hat. Der Anteil der Angebote mit Preissenkungen fiel im September auf 25,1 %. Käufermärkte breiten sich über den Südosten aus, wobei 10 der 50 größten Metropolen jetzt Käufer begünstigen, hauptsächlich in Florida, Georgia, Texas, Tennessee und Louisiana.
Der Bericht warnt, dass die Hypothekenzinsen volatil bleiben, und betont, wie wichtig es für Käufer ist, sich auf Marktbewegungen vorzubereiten.
- Home sales and new listings moved closer to pre-pandemic norms
- Lower mortgage rates increased buying power by over $40,000 for some buyers
- Typical U.S. home value up 2.4% year-over-year
- Share of listings with price cuts decreased to 25.1% in September
- Typical U.S. home value down 0.2% from August
- Home sales still down 22.2% compared to pre-pandemic norms
- New listings still down 17% compared to pre-pandemic averages
- Volatile mortgage rates may impact market stability
Insights
The recent dip in mortgage rates to 6.08% in September has significantly impacted the housing market, boosting buyer purchasing power by
Key observations:
- Home values have grown
2.4% nationally over the past year, the slowest pace since October 2023. - The share of listings with price cuts decreased to
25.1% in September, down from25.9% in August. - Buyers markets are emerging in the Southeast, with 10 of the 50 biggest metros now favoring buyers.
- New construction in the South is contributing to increased inventory.
This "last call" in the home shopping season demonstrates the market's sensitivity to rate changes. Investors should monitor regional trends, particularly in the Southeast, where market dynamics are shifting in favor of buyers. The upcoming months will be important in determining whether this renewed activity sustains or fades as we approach the holiday season.
The housing market is showing signs of regional divergence, with the Southeast experiencing a shift towards buyers' markets while coastal areas remain more competitive due to inventory. This trend is evident in the data:
- Atlanta joined other Southern metros as a buyers' market.
- New listings in the Southeast are closer to pre-pandemic norms.
- Coastal markets are seeing fewer new listings, maintaining seller advantage.
The median time from listing to offer acceptance increased by only one day from August to September, compared to the typical three-day increase pre-pandemic. This suggests sustained buyer interest despite seasonal patterns.
Investors should pay attention to:
- The spread of buyers' markets across Florida, Georgia, Texas, Tennessee and Louisiana.
- The impact of new construction in the South on inventory levels.
- Potential opportunities in markets with more balanced conditions.
The divergence between regions highlights the importance of localized market analysis for real estate investment decisions in the current environment.
- New listings and sales moved closer to pre-pandemic norms in September.
- A buyer who could have afforded the typical
U.S. home in May saw their buying power boosted by more than$40,000 - Buyers markets are spreading across the Southeast, with more homes for sale than in most other areas of the country.
For a buyer who could have afforded the mortgage payment on a typical home in May, mortgage rates falling to a two-year low of
"September proved the readiness of both buyers and sellers to return when conditions are right. Lower mortgage rates helped more buyers clear the affordability hurdle, and gave buyers already in the market more homes to choose from," said Skylar Olsen, Zillow chief economist. "The mortgage rate spike after a strong jobs report early this month gave back some of those affordability gains, at least for now. Buyers should be prepared for more ups and downs, which means it's crucial to have their finances in order and their expert team in place to act quickly, but not rashly, when they find the right house."
An uptick in activity from both buyers and sellers kept home values more or less in balance. The typical
Trends in price cuts and time on market help illustrate the bump in competition felt by buyers in September. The share of listings with a price cut fell to
Before the pandemic, the time between a home being listed and having an offer accepted grew by an average of three days from August to September. This year, it was only one day, from 20 days for the median home sold in August to 21 days in September.
Buyers markets are spreading across the Southeast
While the housing market nationwide remains neutral, according to Zillow's market heat index,
The trend in new listings goes a long way toward explaining why some markets are more competitive than others. While new listings in September were close to, or even above, pre-pandemic norms in many markets in the Southeast, in markets along both coasts, homeowners are continuing to hold onto their current homes in greater numbers, meaning fewer new listings are hitting the market. That relative lack of options makes the market feel more competitive for buyers in those areas. More plentiful new construction in the South plays a role in unlocking more inventory, as well.
What's ahead
October is traditionally when the share of listings with a price cut peaks, as sellers make last-ditch efforts to attract buyers ahead of the holiday season. It remains to be seen whether September's market heat will continue into October, even with mortgage rates rising to
As the early October rise in mortgage rates shows, there is no guarantee they will continue to fall, even if, as expected, the Fed cuts its key rate further. New macroeconomic data will continue to change expectations for the size and speed of future rate cuts, and move mortgage rates. Zillow Home Loans' BuyAbility℠ tool helps home shoppers keep up with what they can afford in real time as mortgage rates change.
Metro Area* | Zillow Home Value Index (ZHVI) | ZHVI Change, Year over Year (YoY) | Market Favors** | New Listings Change, YoY | New Listings Change, Since Before the Pandemic | Share of Listings with a Price Cut | Days to Pending |
2.4 % | Neutral | -1.2 % | -17.0 % | 25.1 % | 21 | ||
7.1 % | Strong seller | -2.5 % | -37.1 % | 15.8 % | 29 | ||
5.1 % | Seller | 16.2 % | -20.1 % | 20.9 % | 21 | ||
4.9 % | Seller | -0.4 % | -20.0 % | 27.4 % | 13 | ||
-0.3 % | Neutral | 0.7 % | -10.0 % | 32.9 % | 34 | ||
0.4 % | Neutral | 2.6 % | 2.3 % | 28.0 % | 35 | ||
3.5 % | Seller | 7.7 % | -20.4 % | 23.9 % | 10 | ||
4.5 % | Seller | 0.3 % | -20.0 % | 24.8 % | 13 | ||
3.2 % | Buyer | 1.2 % | -5.6 % | 21.9 % | 45 | ||
1.6 % | Buyer | -2.0 % | -21.0 % | 29.4 % | 32 | ||
5.2 % | Strong seller | 13.4 % | -24.8 % | 21.9 % | 9 | ||
0.5 % | Neutral | 7.2 % | -15.8 % | 31.7 % | 26 | ||
1.7 % | Seller | 7.0 % | -16.3 % | 20.6 % | 16 | ||
4.2 % | Seller | 5.6 % | -27.4 % | 21.8 % | 25 | ||
4.2 % | Neutral | 3.5 % | -20.3 % | 25.9 % | 13 | ||
4.3 % | Neutral | 10.8 % | -22.0 % | 28.0 % | 14 | ||
0.2 % | Seller | -0.8 % | -23.5 % | 28.0 % | 25 | ||
4.8 % | Seller | 10.3 % | -24.6 % | 26.6 % | 21 | ||
-0.5 % | Buyer | -13.8 % | -19.5 % | 31.0 % | 40 | ||
0.3 % | Neutral | -2.3 % | -18.0 % | 33.8 % | 25 | ||
2.5 % | Seller | 0.1 % | -21.8 % | 26.6 % | 11 | ||
3.0 % | Seller | -3.8 % | -15.6 % | 25.6 % | 8 | ||
0.9 % | Buyer | -3.8 % | -12.7 % | 29.2 % | 34 | ||
2.1 % | Neutral | 4.6 % | -6.8 % | 26.9 % | 25 | ||
-2.7 % | Buyer | -11.0 % | -0.7 % | 29.6 % | 52 | ||
0.5 % | Seller | -1.7 % | -26.7 % | 28.6 % | 21 | ||
1.7 % | Seller | 3.4 % | -27.6 % | 27.4 % | 19 | ||
2.1 % | Neutral | 1.6 % | -10.6 % | 28.8 % | 14 | ||
3.6 % | Neutral | -7.9 % | -16.8 % | 29.9 % | 9 | ||
-4.0 % | Buyer | -19.8 % | -12.3 % | 28.3 % | 64 | ||
5.7 % | Neutral | 10.7 % | -27.5 % | 28.0 % | 23 | ||
2.7 % | Neutral | 0.3 % | -20.0 % | 29.7 % | 10 | ||
3.2 % | Neutral | 0.1 % | -15.1 % | 33.2 % | 8 | ||
2.4 % | Neutral | -1.0 % | -11.2 % | 33.1 % | 14 | ||
5.7 % | Seller | -7.6 % | -16.5 % | 25.5 % | 9 | ||
7.8 % | Strong seller | 13.2 % | -15.7 % | 18.7 % | 13 | ||
1.1 % | Buyer | -1.8 % | -17.3 % | 32.1 % | 28 | ||
4.2 % | Seller | -5.9 % | -12.8 % | 24.7 % | 28 | ||
7.0 % | Strong seller | 15.6 % | -31.3 % | 22.4 % | 12 | ||
-0.3 % | Buyer | -4.2 % | -7.9 % | 29.0 % | 46 | ||
4.8 % | Neutral | -3.6 % | -4.0 % | 20.7 % | 25 | ||
1.9 % | Neutral | -4.4 % | 2.2 % | 30.4 % | 25 | ||
1.2 % | Neutral | 6.4 % | -8.7 % | 34.3 % | 17 | ||
0.1 % | Buyer | -9.7 % | -9.1 % | 27.8 % | 30 | ||
4.1 % | Seller | 6.7 % | -15.3 % | 25.5 % | 9 | ||
3.1 % | Neutral | -3.8 % | -22.8 % | 29.8 % | 11 | ||
-4.0 % | Buyer | -22.0 % | 8.2 % | 21.9 % | 49 | ||
1.3 % | Seller | -3.5 % | -30.9 % | 33.8 % | 20 | ||
7.6 % | Strong seller | 0.1 % | -28.0 % | 19.7 % | 8 | ||
5.9 % | Strong seller | 2.2 % | -14.7 % | 20.6 % | 13 | ||
-0.7 % | Neutral | 0.7 % | -12.4 % | 25.3 % | 19 |
*Table ordered by market size |
**According to Zillow's market heat index |
About Zillow Group
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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.
2 The "typical home" in this scenario is a home priced at the national Zillow Home Value Index value in the month noted. A household is considered able to afford a home at that price if the estimated monthly mortgage payment on that home would cost no more than
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SOURCE Zillow
FAQ
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