O
ctober’s modest dip in mortgage rates—average 30‑year at 6.25%—sparked a surge in activity, with new listings and pending sales each up 5% from a year earlier, marking the most active October since 2021. Zillow’s October Market Report offers five key lessons for agents.

    1. Buyers are rate‑sensitive. Even a small rate drop kept pending sales flat during a typically slow season, indicating that motivated buyers are waiting for the right window. When rates fall, act quickly with pre‑approved clients and re‑engage those who paused earlier.

    2. Sellers are pricing realistically. In October, 27% of active listings trimmed prices, and only 25% of homes sold above list in September—the lowest since 2019. Set realistic expectations early; pricing to market speeds sales.

    3. Regional dynamics create new prospects. While national prices stayed flat, metros such as Cleveland, Hartford, and Milwaukee saw strong gains, whereas Sun Belt markets like Austin and Tampa cooled. Focus on local data to guide buyers and sellers toward realistic goals.

    4. Inventory is tight but momentum is returning. New listings rose 5% versus last October, the strongest lift since 2021, especially in affordable metros like Raleigh, Orlando, and Indianapolis. Monitor local listings; a modest uptick can signal shifting confidence and pricing trends.

    5. Prepare for a seasonal slowdown and spring launch. Small rate changes can alter sentiment quickly. Use the quieter winter months to build pipelines, update pre‑approvals, and ready listings for a 2026 spring debut.

    Explore Zillow’s dashboards for deeper insights.