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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchNewly pending U.S. home listings fell 8.5% year over year in September 2026, according to Zillow Research. That measures listings moving from for-sale to pending status—not completed home sales. Zillow’s separate preliminary estimate of existing-home sales also declined, while higher mortgage costs and a seasonal slowdown weighed on activity.
What fell—and what the figures measure
Zillow reported that newly pending listings fell 8.5% from September 2025 and 11.2% from August 2026. A listing counts as newly pending when its status changes from for sale to pending. Pending status signals a deal in progress; it is not a closed sale.
Zillow’s preliminary nowcast counted 319,346 existing-home sales in September, down 2.5% year over year and 5.6% from August. Zillow says it will revise this sales estimate mid-month, so it should not be treated as a final count.
The report also showed slower market activity in other measures: homes took a median 29 days to go pending, two days longer than in August and a year earlier. Price cuts appeared on 27.4% of listings, compared with 26.3% in August and 26.2% a year earlier. The share of homes selling above list price was 27.6% in August, the latest month available in the report, down from 29.6% in July and 26.9% a year earlier.
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Mortgage costs added pressure for buyers
Freddie Mac’s average mortgage-rate reading was 7.28% at the end of September, its highest since November 2023, Zillow reported. Zillow estimated a typical monthly mortgage payment at $1,922 for a buyer putting 20% down; that estimate excludes property taxes and insurance and was 6.7% higher than a year earlier.
A separate Zillow affordability measure puts the burden in income terms: a median-income household would spend 34.3% of income on a typical mortgage payment for a typically valued home with 20% down. This measure includes estimates for taxes, maintenance, and insurance. It was 33.9% in August and 33.7% a year earlier, so it is not directly comparable to the $1,922 estimate, which excludes taxes and insurance.
Inventory is a counterweight to weaker demand
September’s active inventory was 1.39 million homes, up 2.5% from a year earlier but down 1.5% from August. It remained 16.1% below pre-pandemic norms. New listings totaled 343,311: up 0.4% year over year, down 3.9% month over month, and 11.9% below the pre-pandemic baseline. Zillow said annual inventory gains had continued for 34 consecutive months.
Zillow attributes the slowdown to elevated mortgage rates and the usual fall seasonal decline. Its report also argues that seller pullback can limit how much prices soften: many sellers need to buy another home, and conditions keeping some first-time buyers sidelined may constrain the supply of homes for sale as well. Zillow’s view is that slower growth in new inventory makes relatively flat home values more likely than outright declines. That is the report’s interpretation, not a guaranteed outcome.
Home values edged down monthly but remained higher year over year
The typical U.S. home value was $366,913 in September. Zillow’s Home Value Index was down 0.5% from August but up 1% from September 2025. The contrasting monthly and annual comparisons describe a modest recent dip alongside a small year-over-year gain; neither national figure determines what a particular home or local market is worth.
Rents moved in the opposite direction
Zillow’s Observed Rent Index put typical U.S. rent at $1,932 in September, up 2.7% year over year and 0.1% from August. Zillow said the annual increase was the largest since April 2025 and that annual rent growth had accelerated each month since April, for both multifamily and single-family homes.
Rental concessions were offered on 39.6% of Zillow rental listings, compared with 39.3% in August and 37.4% a year earlier. A median-income household would spend 26.3% of income on typical rent, down from 26.4% a year earlier and unchanged from August. These rental indicators provide a separate view of housing costs; they do not establish a cause for the decline in home-sale activity.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.National figures conceal local differences
Zillow’s metro table shows that the sales-count nowcast did not move uniformly across markets: its year-over-year change ranged from a 11.2% decline in Atlanta to a 7.5% increase in Oklahoma City. The table also illustrates wide differences in housing costs: San Francisco’s typical home value was $1,131,146 and typical rent was $3,445, compared with $274,292 and $1,427, respectively, in St. Louis.
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These examples are not a ranking or a forecast. For a local decision, compare the relevant metro’s pending listings, inventory, home-value changes, days to pending, and price-cut share rather than assuming the U.S. trend applies to your city. Zillow’s September report and metro data are available at Zillow Research.
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