For sale signs multiply: Inventory hits 5-year high, price cuts surge
Zillow (NYSE:ZG) reports a significant shift in the U.S. housing market, with inventory reaching 1.36 million homes in June 2025, the highest level since November 2019. The market is experiencing a notable rebalancing, with 28 of the 50 largest U.S. metros now favoring buyers or showing neutral conditions.
A record-high 26.6% of listings saw price cuts in June, particularly in Sun Belt and Mountain West markets, with Denver leading at 38% price reductions. While inventory remains 21% below pre-pandemic averages, Zillow forecasts levels to approach pre-pandemic norms by year-end. Home sales are showing a seasonal decline, with newly pending sales dropping 4.9% from May, though slightly above last year's levels.
[ "Housing market balance shifting to neutral in 22 of 50 largest metropolitan areas", "Inventory increased 17.2% year-over-year to 1.36 million listings", "Buyers gaining more negotiating power with homes taking longer to sell (19 days vs. 11 days in 2023)", "Inventory projected to reach pre-pandemic levels by end of 2025" ]Zillow (NYSE:ZG) segnala un cambiamento significativo nel mercato immobiliare statunitense, con un inventario che ha raggiunto 1,36 milioni di case a giugno 2025, il livello più alto dall'novembre 2019. Il mercato sta vivendo un riequilibrio notevole, con 28 delle 50 maggiori aree metropolitane degli Stati Uniti che ora favoriscono gli acquirenti o mostrano condizioni neutrali.
Un record del 26,6% degli annunci ha subito riduzioni di prezzo a giugno, soprattutto nei mercati del Sun Belt e del Mountain West, con Denver in testa con il 38% di sconti. Sebbene l'inventario rimanga 21% al di sotto della media pre-pandemia, Zillow prevede che i livelli si avvicineranno alle norme pre-pandemia entro la fine dell'anno. Le vendite di case mostrano un calo stagionale, con le nuove vendite in attesa che diminuiscono del 4,9% rispetto a maggio, sebbene leggermente superiori ai livelli dell'anno scorso.
- Il bilanciamento del mercato immobiliare si sposta verso la neutralità in 22 delle 50 maggiori aree metropolitane
- L'inventario è aumentato del 17,2% su base annua, raggiungendo 1,36 milioni di annunci
- Gli acquirenti acquisiscono maggiore potere negoziale con case che restano sul mercato più a lungo (19 giorni contro 11 giorni nel 2023)
- Si prevede che l'inventario raggiungerà i livelli pre-pandemia entro la fine del 2025
Zillow (NYSE:ZG) informa sobre un cambio significativo en el mercado inmobiliario de EE. UU., con un inventario que alcanzó 1,36 millones de viviendas en junio de 2025, el nivel más alto desde noviembre de 2019. El mercado está experimentando un reequilibrio notable, con 28 de las 50 mayores áreas metropolitanas de EE. UU. que ahora favorecen a los compradores o muestran condiciones neutrales.
Un récord del 26,6% de los listados registró recortes de precios en junio, especialmente en los mercados del Sun Belt y Mountain West, con Denver liderando con un 38% de reducciones de precio. Aunque el inventario permanece 21% por debajo de los promedios previos a la pandemia, Zillow pronostica que los niveles se acercarán a las normas pre-pandemia para fin de año. Las ventas de viviendas muestran un descenso estacional, con las nuevas ventas pendientes cayendo un 4,9% desde mayo, aunque ligeramente por encima de los niveles del año pasado.
- El equilibrio del mercado inmobiliario se está desplazando hacia la neutralidad en 22 de las 50 mayores áreas metropolitanas
- El inventario aumentó un 17,2% interanual hasta 1,36 millones de listados
- Los compradores ganan más poder de negociación con casas que tardan más en venderse (19 días frente a 11 días en 2023)
- Se proyecta que el inventario alcanzará niveles previos a la pandemia para finales de 2025
Zillow (NYSE:ZG)는 미국 주택 시장에서 중요한 변화를 보고했습니다. 2025년 6월 주택 재고가 136만 채에 이르러 2019년 11월 이후 최고 수준을 기록했습니다. 시장은 크게 재조정되고 있으며, 미국 50대 대도시 중 28곳이 현재 구매자 우위 또는 중립 상태를 보이고 있습니다.
6월에는 최고 기록인 26.6%의 매물에서 가격 인하가 있었으며, 특히 썬벨트와 마운틴 웨스트 지역에서 두드러졌고, 덴버는 38%의 가격 인하율로 선두를 차지했습니다. 재고는 여전히 팬데믹 이전 평균보다 21% 낮지만, Zillow는 연말까지 팬데믹 이전 수준에 근접할 것으로 전망합니다. 주택 판매는 계절적 감소를 보이며, 신규 계약된 매매가 5월 대비 4.9% 감소했으나 작년 수준보다는 약간 높은 상태입니다.
- 주택 시장 균형이 50대 대도시 중 22곳에서 중립으로 이동 중
- 재고가 전년 대비 17.2% 증가하여 136만 건에 도달
- 주택 판매 기간이 늘어나면서 구매자의 협상력이 강화됨(2023년 11일 대비 19일)
- 2025년 말까지 재고가 팬데믹 이전 수준에 도달할 것으로 예상
Zillow (NYSE:ZG) rapporte un changement significatif sur le marché immobilier américain, avec un inventaire atteignant 1,36 million de logements en juin 2025, le niveau le plus élevé depuis novembre 2019. Le marché connaît un rééquilibrage notable, avec 28 des 50 plus grandes métropoles américaines favorisant désormais les acheteurs ou affichant des conditions neutres.
Un record de 26,6 % des annonces a connu des baisses de prix en juin, particulièrement dans les marchés du Sun Belt et du Mountain West, Denver en tête avec 38 % de réductions de prix. Bien que l'inventaire reste 21 % en dessous des moyennes pré-pandémie, Zillow prévoit que les niveaux se rapprocheront des normes pré-pandémie d'ici la fin de l'année. Les ventes de maisons montrent un déclin saisonnier, avec une baisse de 4,9 % des ventes en attente par rapport à mai, bien qu'un peu au-dessus des niveaux de l'année dernière.
- L'équilibre du marché immobilier se déplace vers la neutralité dans 22 des 50 plus grandes zones métropolitaines
- L'inventaire a augmenté de 17,2 % en glissement annuel pour atteindre 1,36 million d'annonces
- Les acheteurs gagnent en pouvoir de négociation avec des maisons qui restent plus longtemps sur le marché (19 jours contre 11 jours en 2023)
- On prévoit que l'inventaire atteindra les niveaux pré-pandémie d'ici fin 2025
Zillow (NYSE:ZG) berichtet von einer bedeutenden Veränderung auf dem US-Immobilienmarkt, wobei der Bestand im Juni 2025 1,36 Millionen Häuser erreichte – der höchste Stand seit November 2019. Der Markt erlebt eine deutliche Neubalance, wobei 28 der 50 größten US-Metropolregionen nun Käufer bevorzugen oder neutrale Bedingungen zeigen.
Im Juni verzeichneten rekordverdächtige 26,6 % der Angebote Preisnachlässe, insbesondere in den Sun Belt- und Mountain West-Märkten, wobei Denver mit 38 % Preisreduktionen führend ist. Obwohl der Bestand weiterhin 21 % unter dem Durchschnitt vor der Pandemie liegt, prognostiziert Zillow, dass die Bestände bis Jahresende das Niveau vor der Pandemie erreichen werden. Die Hausverkäufe zeigen einen saisonalen Rückgang, mit einem Rückgang der neu anstehenden Verkäufe um 4,9 % gegenüber Mai, jedoch leicht über dem Niveau des Vorjahres.
- Die Marktbalance verschiebt sich in 22 der 50 größten Metropolregionen in Richtung Neutralität
- Der Bestand stieg im Jahresvergleich um 17,2 % auf 1,36 Millionen Angebote
- Käufer gewinnen mehr Verhandlungsmacht, da Häuser länger zum Verkauf stehen (19 Tage gegenüber 11 Tagen im Jahr 2023)
- Der Bestand wird voraussichtlich bis Ende 2025 das Niveau vor der Pandemie erreichen
- None.
- Record-high 26.6% of listings required price cuts to attract buyers
- Significant price declines in major markets (Tampa -5.7%, Austin -5.8%)
- Housing affordability remains a major challenge, especially for first-time buyers
- New listings decreased 10.9% from May to June
Insights
Zillow reports market power shift with inventory at 5-year high and record price cuts, challenging their traditional seller-focused business model.
The housing market has reached a significant inflection point. With
For Zillow specifically, this market evolution presents mixed implications. While increased inventory could drive more listing views and engagement on their platform, the company historically generates higher revenue in hot seller's markets where homes move quickly and competition drives premium service adoption. The geographic dimension is particularly concerning—Sun Belt and Mountain West markets where Zillow has invested heavily are seeing the most aggressive price cuts (Denver
Beyond inventory growth, the data reveals a troubling demand picture. New listings declined
Zillow's own market heat index now classifies 22 of the 50 largest metros as "neutral"—more than doubling from a year ago—signaling a fundamental market restructuring that may require strategic adjustments to their business model, pricing, and growth expectations.
Buyers gain negotiating leverage in newly balanced housing market
- 1.36 million homes were for sale in June, the most since November 2019.
- The market is balanced or in buyers' favor in 28 of the 50 largest US metros.
- A record-high
26.6% of listings dropped prices in June; cuts are most common in the Sun Belt and Mountain West.
Sellers held the upper hand through most of the past five years as demand for homes far outweighed the options available. Sellers now returning to the market in greater numbers, along with a surge in new construction, has helped balance the scales — competition among buyers is lower than any June in Zillow records dating back through 2018. But affordability is still a major challenge.
"The shift to a 'neutral' market is significant, but it shouldn't be mistaken for a universally cool or easy market for buyers," said Kara Ng, Zillow senior economist. "While negotiating power is more balanced, the affordability crisis remains a high barrier to entry, especially for first-time buyers. Until we see a more meaningful improvement in purchasing power, this newfound balance will primarily benefit more well-off buyers."
Inventory is still roughly
Home value growth is at a stand still and mortgage costs have ticked down ever so slightly from a year ago. But high prices and borrowing costs are still putting up high affordability hurdles for buyers, especially first-timers.
What it means for buyers and sellers
Buyers have more options to choose from, more time to decide on a house and more bargaining power than in prior years. Home sellers need to reach the broadest set of shoppers, price realistically and set their listing apart from the crowd.
Buyers aren't feeling rushed in most markets. Listings that sell do so in 19 days — just one day faster than before the pandemic. That's compared to 15 days in 2024 and 11 in 2023.
Zillow's market heat index shows the housing market nationwide and in 22 of the 50 largest metropolitan areas are now neutral, where neither buyers nor sellers have the upper hand. That's compared to 15 markets that were neutral in May and just eight at this time a year ago.
Sellers are still correcting prices at record rates to try and entice buyers. The share of listings with a price cut reached
Price cuts are most common among Sun Belt and Mountain West markets that witnessed massive appreciation early in the pandemic. Cuts were most common in
Inventory reaches five-plus-year high
Zillow data shows 1.36 million listings active on the market in June, rising
New listings stepped down significantly from May to June, dropping
Sales follow seasonal trend downward
Sales are winding down after a somewhat lackluster home shopping season. Though this June's newly pending sales are slightly above last year's, they declined
Metro Area* | Zillow | ZHVI | Share of | Market | Inventory | Median | Median |
United | 0.2 % | 26.6 % | Neutral | -20.6 % | 19 | -1 | |
| 4.1 % | 15.6 % | Strong | -52.3 % | 26 | -20 | |
| -0.4 % | 23.7 % | Seller | -10.8 % | 22 | 4 | |
3.2 % | 24.3 % | Seller | -51.3 % | 9 | -10 | ||
-3.7 % | 35.5 % | Neutral | 12.1 % | 29 | 5 | ||
-1.7 % | 31.3 % | Neutral | 10.4 % | 33 | 13 | ||
| 1.1 % | 27.1 % | Seller | -25.1 % | 13 | -3 | |
| 3.3 % | 23.7 % | Seller | -47.1 % | 10 | -17 | |
-3.8 % | 22.5 % | Buyer | 3.8 % | 62 | 21 | ||
-2.9 % | 31.1 % | Buyer | 6.7 % | 37 | 24 | ||
1.4 % | 22.5 % | Seller | -30.1 % | 8 | -2 | ||
-3.5 % | 35.5 % | Neutral | -2.0 % | 40 | 15 | ||
San | -3.4 % | 22.4 % | Seller | 14.1 % | 21 | 7 | |
-1.5 % | 25.8 % | Seller | -15.6 % | 31 | 10 | ||
3.0 % | 24.1 % | Neutral | -31.7 % | 8 | -4 | ||
-0.4 % | 30.0 % | Neutral | -9.2 % | 12 | 3 | ||
| 1.5 % | 24.8 % | Strong | -30.4 % | 18 | -1 | |
| -2.4 % | 29.6 % | Neutral | -16.8 % | 22 | 2 | |
-5.7 % | 35.2 % | Buyer | 22.9 % | 39 | 20 | ||
-2.7 % | 38.3 % | Neutral | 22.7 % | 24 | 16 | ||
| 1.9 % | 27.1 % | Seller | -42.6 % | 10 | -14 | |
2.1 % | 23.9 % | Seller | -43.9 % | 6 | -9 | ||
-3.7 % | 30.2 % | Neutral | 28.0 % | 36 | 20 | ||
| -1.0 % | 28.6 % | Neutral | 17.8 % | 22 | 11 | |
| -3.3 % | 31.4 % | Neutral | 28.4 % | 41 | 9 | |
-0.7 % | 30.2 % | Seller | -10.1 % | 15 | 4 | ||
| -1.8 % | 31.8 % | Neutral | -16.3 % | 21 | 9 | |
| 0.5 % | 26.8 % | Neutral | -39.5 % | 11 | -10 | |
| 2.7 % | 27.9 % | Seller | -32.8 % | 5 | -4 | |
-5.8 % | 32.8 % | Buyer | 56.8 % | 50 | 36 | ||
| 0.9 % | 31.3 % | Neutral | -0.1 % | 32 | 13 | |
| 2.0 % | 30.0 % | Seller | -39.8 % | 6 | -7 | |
| 1.4 % | 31.2 % | Seller | -16.1 % | 6 | 1 | |
| 1.6 % | 33.8 % | Neutral | -9.1 % | 11 | 4 | |
| 4.3 % | 23.1 % | Seller | -51.2 % | 7 | -26 | |
-0.9 % | 22.1 % | Neutral | -5.5 % | 17 | 1 | ||
-0.1 % | 35.5 % | Neutral | 6.8 % | 28 | 10 | ||
| 1.8 % | 23.6 % | Seller | -43.6 % | 24 | -18 | |
| 3.2 % | 22.4 % | Seller | -54.4 % | 11 | -12 | |
| -3.2 % | 32.4 % | Buyer | 23.5 % | 54 | 25 | |
| 3.1 % | 13.9 % | Seller | -26.1 % | 15 | -18 | |
| 1.0 % | 29.5 % | Neutral | -7.8 % | 19 | 3 | |
-2.1 % | 36.4 % | Neutral | 9.7 % | 21 | 12 | ||
-1.0 % | 29.8 % | Neutral | 3.1 % | 22 | 5 | ||
| 1.2 % | 25.2 % | Seller | -36.6 % | 8 | -4 | |
4.2 % | 29.1 % | Neutral | -25.7 % | 7 | -7 | ||
-1.1 % | 27.2 % | Buyer | 40.7 % | 41 | 17 | ||
Salt Lake | 1.2 % | 35.2 % | Neutral | 2.6 % | 18 | 8 | |
4.1 % | 16.0 % | Strong | -65.8 % | 6 | -15 | ||
3.1 % | 18.3 % | Strong | -40.1 % | 10 | -5 | ||
| -0.1 % | 25.0 % | Neutral | -20.0 % | 18 | 3 |
*Table ordered by market size |
1 The Zillow market report is a monthly overview of the national and local real estate markets. The report is compiled by Zillow Research. For more information, visit zillow.com/research.
About Zillow Group
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FAQ
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