Z
illow’s September 2025 report shows an uptick in activity during the slow season, driven by falling mortgage rates and a stock market that revived buyer seller interest after a weak August. New listings rose 3% year‑over‑year, reversing the 3% drop seen in August, while month‑to‑month listings fell only 2% versus the typical 9% fall. Inventory slipped 1% from August but remains 14% above last year’s level.

    The balance of power has shifted: 15 of the nation’s 50 largest metros are buyer‑friendly, from six a year ago. Zillow’s heat index shows buyer‑friendly markets; seller‑heavy markets stay hot.

    Freddie Mac reports the 30‑year fixed rate at 6.19%, the lowest of 2025. Redfin reports 15% pending sales canceled; sellers trim prices. Zillow economists expect activity into holidays, giving buyers a window.