Higher rates stalled the sales recovery, Zillow's April Market Report shows
Rhea-AI Summary
Zillow (NYSE: Z) April Market Report shows inventory rising while sales stalled as higher mortgage rates paused a spring rebound. New listings totaled 426,356 (up 2.1% YoY); active inventory reached 1.3 million (up 3.7% YoY). Typical home value is $366,712; monthly mortgage payment $1,829 (down 3.4% YoY).
Sales were roughly flat at 323,631 (down 0.4% YoY); pending time was 17 days and price-cut share was 23.5%.
Positive
- New listings 426,356 (up 2.1% YoY)
- Active inventory 1.3 million (up 3.7% YoY)
- Typical home value $366,712 (up 0.7% YoY)
- Monthly mortgage payment $1,829 (down 3.4% YoY)
- Newly pending listings +7.1% YoY
Negative
- Home sales 323,631 (down 0.4% YoY)
- Share of listings with price cuts 23.5%
- Homes taking longer to sell: median 17 days
- Sales decline notable in New York: -14.8% YoY
News Market Reaction – Z
In the May 6 session, Z gained 2.27%, reflecting a moderate positive market reaction. Argus tracked a peak move of +4.1% during that session. Argus tracked a trough of -11.3% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 23 | Market dynamics report | Neutral | -3.3% | Update on split housing market where some homes sell quickly and others linger. |
| Apr 21 | Rent trends update | Neutral | -2.4% | Report on slowing rent growth and improved renter affordability versus income. |
| Apr 16 | Product data launch | Neutral | +1.3% | Introduction of Zillow Buzz Index linking home features to buyer engagement. |
| Apr 14 | Buyer behavior study | Neutral | +1.0% | Analysis of “dual shoppers” comparing for-sale and rental options using Zillow tools. |
| Apr 10 | Platform adoption update | Neutral | -1.9% | More brokerages join Zillow Preview, expanding pre-market listing exposure. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent Zillow macro and product news has typically led to modest single-digit price moves in both directions, suggesting investors treat these reports as incremental rather than thesis-changing.
Over the past month, Zillow has released several data- and platform-focused updates, including analysis of fast-selling homes on Apr 23, renter relief trends on Apr 21, the Zillow Buzz Index launch on Apr 16, and features like dual shoppers and Zillow Preview earlier in April. Those items produced small single-digit price reactions up and down, indicating that investors have viewed similar housing and traffic metrics as informative but not transformational. Today’s April Market Report fits into that stream of macro housing insight.
Key Terms
zillow home value index (zhvi) technical
zillow observed rent index technical
nowcast technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
New listings grew faster than sales for the first time this year
The supply side of the market is loosening. New listings totaled more than 426,000 in April, up
Slightly friendlier conditions for buyers point to the chance of a quick rebound if rates fall back to the
The monthly mortgage payment on a typical
"The spring rebound we anticipated at the start of the year and that produced the stronger sales figures in March was put on pause in April by higher rates," said Mischa Fisher, chief economist at Zillow. "Still, someone who held off in 2025 hoping conditions would improve has seen that improvement. With more homes to choose from and lower monthly costs than a year ago, the math has shifted in favor of buyers even if the moment may not feel like it. There's still plenty of reason for optimism that we will see a quick rebound if rates cooperate."
Home Values & Mortgage Payments
- The typical
U.S. home value is$366,712 - The Zillow Home Value Index (ZHVI) rose
0.6% month over month in April. Home values are0.7% higher than a year earlier. - The monthly mortgage payment on a typical
U.S. home is$1,829 20% down payment and excluding taxes and insurance. That is3.4% lower than last year.
Inventory
- There were 1.3 million homes for sale nationwide in April.
- Active inventory was
3.7% higher than a year earlier. Inventory rose5.8% from March. - New for-sale listings totaled 426,356 in April, up
2.1% from a year earlier and up10.7% from March.
Sales
- 323,631 homes were sold in April, according to the preliminary Zillow sales count nowcast. That is
0.4% lower than a year earlier and up7.9% from March. These figures will be revised mid-month. - Newly pending listings, which measures listings that changed from for-sale to pending status rather than closed sales, shows
7.1% growth from a year earlier and a5.6% increase over March.
Competition
- Homes took a median of 17 days to go pending in April. That was one day longer than a year earlier and two days shorter than March.
- The share of listings with a price cut in April was
23.5% . That was down one percentage point from a year earlier and up 0.9 percentage points from March. 25.4% of homes sold above list price in March, the most recent data available. That was 1.6 percentage points lower than a year earlier and 3.2 percentage points higher than February.
Rents
- The typical rent nationwide is
$1,930 1.9% higher than a year earlier and up0.6% from March. 39.8% of rental listings on Zillow offered a concession in April. That's five percentage points higher than a year earlier and flat from March.
Local data can be found on Zillow's market explorer. The Zillow May Market Report is expected to be released June 4.
Zillow April Market Report | ||||||||
Metro Area* | Typical | Home | Home | Inventory | Sales | Typical | Rent | Rent |
0.6 % | 0.7 % | 3.7 % | -0.4 % | 0.6 % | 1.9 % | |||
0.4 % | 3.9 % | 3.1 % | -14.8 % | 0.9 % | 4.2 % | |||
0.6 % | -0.1 % | 4 % | -0.5 % | 0.4 % | 1.2 % | |||
1 % | 4.4 % | 0.1 % | 5.8 % | 0.9 % | 5.4 % | |||
0.4 % | -3.3 % | -2 % | 8 % | 0.6 % | -0.2 % | |||
0.3 % | -2 % | 8.5 % | 1.6 % | 0.3 % | -0.9 % | |||
0.6 % | -0.7 % | 10.7 % | 0.4 % | 0.6 % | -0.1 % | |||
0.8 % | 2.5 % | 7.4 % | -10.1 % | 0.4 % | 3.5 % | |||
0.2 % | -2.8 % | -11.7 % | 4.4 % | 0.4 % | 0.9 % | |||
0.4 % | -2.2 % | 3.6 % | -5.7 % | 0.3 % | 1.2 % | |||
0.9 % | 1.4 % | 8.9 % | -3.7 % | 0.8 % | 2.2 % | |||
0.1 % | -1.8 % | 0.3 % | 4.7 % | 0.2 % | -0.7 % | |||
1.1 % | -0.9 % | -9.6 % | 8.5 % | 1 % | 6.5 % | |||
0.3 % | -1.1 % | -3.2 % | -2.7 % | 0.5 % | 2 % | |||
1 % | 2.8 % | 14.2 % | -9.4 % | 0.5 % | 2.3 % | |||
0.4 % | -2.1 % | 25.9 % | -4.4 % | 0.6 % | 1.5 % | |||
0.9 % | 2.1 % | 22 % | -4.2 % | 0.7 % | 3.6 % | |||
0.7 % | -0.9 % | 1.5 % | 2.4 % | 0.4 % | 1.5 % | |||
0.2 % | -3.2 % | -5.9 % | 1.4 % | 0.4 % | -1.3 % | |||
0.5 % | -3 % | -0.5 % | 7.3 % | 0.6 % | -1.5 % | |||
0.7 % | 0.8 % | 8.5 % | -3.1 % | 0.1 % | 2 % | |||
0.9 % | 2.9 % | 7.8 % | -2.2 % | 0.4 % | 3.6 % | |||
0.2 % | -3 % | -3.2 % | 0.1 % | 0.6 % | 0.3 % | |||
0.4 % | -0.4 % | 14.2 % | -3.1 % | 0.4 % | 0.4 % | |||
0.4 % | -1.9 % | 4.8 % | 10.4 % | 0.2 % | -1.7 % | |||
0.5 % | -1 % | 9.2 % | 4.3 % | 0.5 % | 0.8 % | |||
0.5 % | -1.6 % | 0.1 % | 5.9 % | 0.7 % | 1.9 % | |||
0.9 % | 0.7 % | 10.7 % | -9.8 % | 0.7 % | 3.9 % | |||
0.9 % | 2.5 % | 16.1 % | -0.2 % | 0.5 % | 3.6 % | |||
0.4 % | -6 % | -3.4 % | 18 % | 0.5 % | -2.2 % | |||
0.1 % | -3 % | 5.5 % | -7 % | 0.4 % | -0.1 % | |||
1.1 % | 3.6 % | 7.2 % | 3.3 % | 0.6 % | 3.3 % | |||
0.8 % | 1.1 % | 13.5 % | 1.1 % | 0.6 % | 1.7 % | |||
0.7 % | 1.3 % | 23 % | 1.2 % | 0.3 % | 2.5 % | |||
1.2 % | 4.3 % | 10.7 % | -2.3 % | -0.2 % | 4.2 % | |||
0.5 % | -2.2 % | 5.7 % | -1.1 % | 1 % | 5.1 % | |||
0.5 % | -0.9 % | 16.7 % | 3.1 % | 0.5 % | -0.2 % | |||
0.7 % | 2.5 % | 6.7 % | -3.6 % | 0.5 % | 6 % | |||
0.9 % | 3.2 % | 4 % | -12.7 % | 0.5 % | 4.7 % | |||
0.4 % | -1.6 % | -13.9 % | 3.3 % | 0.7 % | 1 % | |||
1.3 % | 5.3 % | 17.6 % | 14.6 % | 0.7 % | 3.8 % | |||
0.4 % | 1 % | 7 % | 4.2 % | 0.4 % | 3 % | |||
0.4 % | -2.1 % | 22.2 % | 8.8 % | 0.3 % | 0.1 % | |||
0.5 % | 0.1 % | 17 % | N/A | 0.2 % | 0.5 % | |||
0.9 % | 2.3 % | 8.1 % | 8.9 % | 0.5 % | 3.3 % | |||
0.5 % | 1.7 % | 23.7 % | 8.4 % | 0.5 % | 2.3 % | |||
0.7 % | 3.2 % | 0.1 % | 6.7 % | 0.2 % | -0.2 % | |||
0.4 % | 1 % | 5.6 % | N/A | 1.5 % | 0.1 % | |||
1.2 % | 5.2 % | -0.4 % | -7.7 % | 0.6 % | 2.9 % | |||
1.3 % | 4.8 % | 8.6 % | -2.2 % | -0.1 % | 3.2 % | |||
0.6 % | 2.1 % | 7 % | 4.9 % | 0.6 % | 1.5 % | |||
*Table ordered by market size |
Forward-looking statements
This press release includes forward-looking statements about future housing market conditions, mortgage rates, rental trends and other economic factors. These statements are based on current expectations and assumptions, which are subject to change. Actual outcomes may differ materially due to changes in economic and market conditions. Forward-looking statements speak only as of the date of this release, and Zillow Group undertakes no obligation to update them.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate.
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SOURCE Zillow