Zillow's September Market Report shows an early winter in the housing market as newly pending sales fall 8.5%
PR Newswire•06/10/2026•08:00 ET
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Key Highlights
- ➤Newly pending home sales fell 8.5% year over year in September
- ➤Mortgage rates ended September at 7.28%, highest since November 2023
- ➤Typical mortgage payment rose 6.7% year over year to $1,922
- ➤Typical U.S. rent increased 2.7% year over year to $1,932
- ➤Existing home sales declined 2.5% year over year, Zillow’s preliminary nowcast
Expert Statements
Mischa Fisher, Chief economist at Zillow
“The for-sale market's slowdown was predictable given where mortgage rates currently stand, but the continued strength in the rental market is more surprising. Buyers on the margins are finding the monthly savings for renting too good to pass up, even if their long-run goal is still to purchase a home.”
Mischa Fisher, Chief economist at Zillow
“We expect sales to remain lower than last year through the fourth quarter. However, it's not out of the question that rates will decline as rapidly as they rose, which would bring both buyers and sellers back to the market. At this point in the calendar, the question is whether they would sit out until next spring.”
Zillow's September Market Report shows an early winter in the housing market as newly pending sales fall 8.5% PR Newswire
The rental market continues to show strength, with the biggest annual rent gain since April 2025
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