New listings climbed 3% year over year in September, reversing the 3% decline a month earlier. On a monthly basis, listings dipped 2%, outperforming the historical average of a 9% tumble heading into the fall.
The report also shows a shifting balance of power: 15 of the nation’s 50 largest metros are now buyer’s markets, up from six last year.
In contrast, seller-leaning markets remain hot due to limited housing supply and restrictive land-use laws.
Together, these trends suggest the housing market is thawing rather than overheating. Zillow’s economists expect this “unseasonably active” fall to carry into the holidays, powered by easing borrowing costs and pent-up demand. For buyers who’ve been waiting for a window, this may be the first real opening in nearly three years.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
