Track market-moving stories before they get noisy

With the typical monthly payment for a new homeowner climbing nearly twice as fast as rent, more shoppers are turning to rentals

Rental demand is up 19.2% year over year nationwide, as measured by the Zillow Observed Renter Demand Index (ZORDI).1 The typical U.S. rent was $1,932 a month in September, up 2.7% from a year ago. The financial advantage of renting is growing, as the typical new home buyer's monthly payment2 is climbing nearly twice as fast as rent, up 5% from a year ago to $3,037. , /PRNewswire/ -- Housing demand doesn't disappear when buying becomes harder financially. Instead, it finds a new home in the rental market. The Zillow Observed Renter Demand Index (ZORDI), an indicator of rental demand, rose 19.2% year over year as elevated borrowing costs push would-be buyers to rent instead, according to the latest Zillow® Rental Market Report.

Rents are climbing, but buying costs are climbing faster. Typical rent is $1,932 a month, up 2.7% from a year ago. By comparison, the typical new home buyer's monthly payment has risen 5%, to $3,037, nearly double the pace.

"Elevated mortgage rates have pushed home shoppers straight into the arms of rentals," said Kara Ng, senior economist at Zillow. "Homeownership has long been a way for families to build wealth, but with the rise in borrowing costs, we're seeing the rise of the deliberate renter, someone who chooses to bank the difference between a buyer's monthly payment and rent, and build wealth without owning a home."

And for many home shoppers, what they still want is a house. ZORDI shows demand for single-family rentals up 21.6% from a year ago, more than double the 10.1% rise for multifamily rentals. At a typical rent of $2,266, renting a house offers the space and lifestyle shoppers want without a down payment or the hidden costs of owning, and it costs $771 less each month than a buyer's monthly payment.

For shoppers weighing renting against buying, Zillow's rent vs. buy research breaks down the break-even timeline by metro, that timeline being the number of years a household would need to own before buying comes out ahead.

Rental demand surges in the Bay Area and the Sun Belt
Rental demand rose the most in San Jose, where ZORDI is up 82.5% from a year ago, followed by San Francisco (66.9%), Austin (49.3%), Miami (48.9%) and Phoenix (43%).

Rent growth over the past year was also fastest in California's Bay Area, where typical rent is up 11.8% in San Francisco and 8.3% in San Jose. In the other markets where demand has jumped the most, rent growth was more moderate, at 0.7% in Austin, 1.8% in Miami and 1% in Phoenix, as new construction has kept supply in step with demand.

Not every market is following the national trend. ZORDI is down year over year in markets that include Louisville (down 6.2%), Baltimore (-6.1%), Washington, D.C. (-5.6%) and Cleveland (-5.5%).

Affordability holds steady for renters
The median household spends 26.3% of its income on a new rental, essentially unchanged from a year ago, compared with 41.3% spent by a new homeowner. A household needs an income of $77,278 to afford a typical rental versus $121,496 to afford a typical home, a gap of more than $44,000.

For renters who are ready to make a move, Zillow brings together apartments, single-family homes and rooms for rent in one place, and Zillow's portable rental application makes applying simpler: one form, one flat fee and 30 days to apply to as many participating properties as needed.

Metro area*

Zillow
Observed
Renter
Demand
Index
(ZORDI),
YoY

Zillow
Observed
Rent
Index
(ZORI)

Zillow
Observed
Rent
Index
(ZORI),
YoY

Typical monthly
payment for a new
homeowner (10%
down, 30-year fixed)

Typical monthly
payment for a new
homeowner (10%
down, 30-year
fixed), YoY

United States

19.2 %

$1,932

2.7 %

$3,037

5.0 %

New York, NY

19.3 %

$3,546

4.2 %

$6,296

8.6 %

Los Angeles, CA

25.9 %

$2,929

1.8 %

$7,473

5.3 %

Chicago, IL

21.6 %

$2,163

4.7 %

$3,120

8.5 %

Dallas, TX

38.9 %

$1,659

0.7 %

$3,205

1.6 %

Houston, TX

32.2 %

$1,638

0.1 %

$2,665

1.9 %

Washington, DC

-5.6 %

$2,407

1.4 %

$4,673

4.1 %

Philadelphia, PA

13.1 %

$1,903

3.3 %

$3,335

6.1 %

Miami, FL

48.9 %

$2,654

1.8 %

$4,259

3.8 %

Atlanta, GA

26.3 %

$1,843

2.1 %

$3,154

2.3 %

Boston, MA

21.2 %

$2,987

2.3 %

$5,926

6.0 %

Phoenix, AZ

43.0 %

$1,720

1.0 %

$3,400

3.1 %

San Francisco, CA

66.9 %

$3,445

11.8 %

$8,931

7.1 %

Riverside, CA

26.9 %

$2,533

2.9 %

$4,689

4.5 %

Detroit, MI

8.4 %

$1,514

4.2 %

$2,267

5.5 %

Seattle, WA

7.7 %

$2,250

1.8 %

$5,817

2.3 %

Minneapolis, MN

21.0 %

$1,736

3.5 %

$3,341

5.4 %

San Diego, CA

29.1 %

$2,967

2.2 %

$7,308

4.8 %

Tampa, FL

23.2 %

$1,991

0.4 %

$3,128

2.8 %

Denver, CO

19.6 %

$1,900

0.0 %

$4,457

2.2 %

Baltimore, MD

-6.1 %

$1,937

2.7 %

$3,337

4.2 %

St. Louis, MO

-1.1 %

$1,427

4.1 %

$2,377

6.8 %

Orlando, FL

21.1 %

$1,929

0.8 %

$3,301

2.3 %

Charlotte, NC

17.6 %

$1,735

1.4 %

$3,057

3.2 %

San Antonio, TX

28.7 %

$1,415

-0.7 %

$2,430

1.8 %

Portland, OR

15.7 %

$1,803

1.1 %

$4,394

3.7 %

Sacramento, CA

22.8 %

$2,269

1.8 %

$4,633

3.9 %

Pittsburgh, PA

7.7 %

$1,467

3.5 %

$1,995

3.9 %

Cincinnati, OH

0.0 %

$1,522

2.8 %

$2,590

5.9 %

Austin, TX

49.3 %

$1,603

0.7 %

$3,696

-0.6 %

Las Vegas, NV

16.9 %

$1,732

0.5 %

$3,272

1.5 %

Kansas City, MO

12.4 %

$1,534

3.8 %

$2,818

7.2 %

Columbus, OH

4.0 %

$1,525

2.9 %

$2,813

4.9 %

Indianapolis, IN

24.2 %

$1,528

3.5 %

$2,449

4.8 %

Cleveland, OH

-5.5 %

$1,440

4.5 %

$2,217

7.3 %

San Jose, CA

82.5 %

$3,812

8.3 %

$11,845

4.3 %

Nashville, TN

15.0 %

$1,803

1.2 %

$3,558

3.5 %

Virginia Beach, VA

40.0 %

$1,886

7.1 %

$3,095

6.6 %

Providence, RI

-1.3 %

$2,166

4.2 %

$4,331

7.4 %

Jacksonville, FL

35.5 %

$1,680

2.2 %

$3,037

3.6 %

Milwaukee, WI

6.1 %

$1,549

5.1 %

$3,364

8.9 %

Oklahoma City, OK

14.8 %

$1,384

2.4 %

$2,191

4.5 %

Raleigh, NC

23.2 %

$1,669

1.4 %

$3,487

2.2 %

Memphis, TN

19.0 %

$1,393

1.1 %

$2,116

3.7 %

Richmond, VA

-2.7 %

$1,706

2.5 %

$3,182

6.5 %

Louisville, KY

-6.2 %

$1,339

2.0 %

$2,337

5.3 %

New Orleans, LA

7.9 %

$1,577

1.7 %

$2,424

4.8 %

Salt Lake City, UT

7.4 %

$1,644

0.7 %

$4,337

5.1 %

Hartford, CT

-2.9 %

$1,998

3.5 %

$3,580

8.5 %

Buffalo, NY

24.0 %

$1,451

3.8 %

$2,274

7.6 %

Birmingham, AL

23.9 %

$1,404

2.9 %

$2,116

6.3 %

*Table ordered by market size

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 the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

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.

(ZFIN)

1 The Zillow Observed Renter Demand Index (ZORDI) is a measure of the typical observed rental market engagement across a region. It tracks engagement on Zillow's rental listings to proxy changes in rental demand and is smoothed to remove volatility.
2 Reflects the typical new home buyer's monthly payment on a typical home (Zillow Home Value Index) with 10% down and a 30-year fixed rate, including principal and interest, property taxes and insurance.

SOURCE Zillow

The rental market continues to show strength, with the biggest annual rent gain since April 2025

In September, existing home sales fell 2.5% from last year according to Zillow's nowcast. Newly pending sales, a forward-looking indicator of future closed sales, fell by 8.5% as mortgage rates reached their highest level since November 2023. A monthly mortgage payment on a typical home is 6.7% higher than a year ago, assuming a 20% down payment and excluding taxes and insurance. That's despite home values rising just 1% over the past year, according to the Zillow Home Value Index. The typical U.S. rent rose 2.7% from a year earlier to $1,932, the biggest annual gain since April 2025 according to the Zillow Observed Rent Index. , /PRNewswire/ -- Sky-high mortgage rates and the usual fall slowdown teamed up to chill housing activity, according to the Zillow® September Market Report. Closed sales of existing homes fell 2.5% from a year earlier, according to Zillow's preliminary nowcast. Newly pending sales, a leading indicator of future closings, fell 8.5% year over year.

Mortgage rates ended the month at 7.28%, the highest reading since November 2023 according to Freddie Mac. Home values remain little changed, up just 1% over the past year according to the Zillow Home Value Index. But higher rates have pushed the typical mortgage payment to be 6.7% higher than a year ago, assuming a 20% down payment and excluding taxes and insurance.

Despite more inventory, sales remain muted as buyers grapple with rising costs. There were 0.4% more new listings than last September, though that is 11.9% below the pre-pandemic baseline. Total for-sale inventory was 2.5% higher than a year ago, marking the 34th consecutive month of annual gains.

The for-sale market's retreat may be translating to rising costs in the rental market. The typical U.S. rent rose 2.7% year over year in September, the biggest annual gain since April 2025 according to the Zillow Observed Rent Index. Annual rent growth has accelerated every month since April and is widespread, rising for both multifamily and single-family homes.

"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," said 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."

More data, including dashboards with local market data, can be found on the refreshed Zillow Research website. The Zillow October Market Report is expected to be released November 5.

Home Values & Mortgage Payments

The typical U.S. home value is $366,913. The Zillow Home Value Index (ZHVI) fell 0.5% month over month in September. Home values are 1% higher than a year earlier. The monthly mortgage payment on a typical U.S. home is $1,922, assuming a 20% down payment and excluding taxes and insurance. That is 6.7% higher than last year. Inventory

There were 1.39 million homes for sale nationwide in September. Active inventory was 2.5% higher than a year earlier. Inventory fell 1.5% from August. New for-sale listings totaled 343,311 in September, up 0.4% from a year earlier and down 3.9% from August. Sales

319,346 homes were sold in September, according to the preliminary Zillow sales count nowcast. That is 2.5% lower than a year earlier and down 5.6% from August. These figures will be revised mid-month. Newly pending sales, which measures listings that changed from for-sale to pending status rather than closed sales, shows an 8.5% decrease from a year earlier and a 11.2% decrease over August. Affordability

A household earning the median income would need to spend 34.3% of its income on the typical monthly mortgage payment (assuming a typically valued home and a 20% down payment, and including estimates for taxes, maintenance and insurance). That is up from 33.7% a year earlier and 33.9% in August. A household earning the median income would need to spend 26.3% of its income on the typical rent in September. That is down from 26.4% a year earlier and flat from August. Competition

Homes took a median of 29 days to go pending in September. That was two days longer than a year earlier and two days longer than August. The share of listings with a price cut in September was 27.4%. That was up from 26.2% a year earlier and up from 26.3% in August. 27.6% of homes sold above list price in August, the most recent data available. That's compared to 26.9% a year earlier and 29.6% in July. Rents

The typical rent nationwide is $1,932, according to the Zillow Observed Rent Index. That's 2.7% higher than a year earlier and up 0.1% from August. 39.6% of rental listings on Zillow offered a concession in September. That's up from 37.4% a year earlier and up from 39.3% in August. Zillow September Market Report

Metro Area*

Typical
Home
Value
(ZHVI)

Home
Value
Change:
MoM

Home
Value
Change:
YoY

Inventory
Change:
YoY

Sales
Count
Nowcast
Change:
YoY

Typical
Rent
(ZORI)

Rent
Change:
MoM

Rent
Change:
YoY

United States

$366,913

-0.5 %

1 %

2.5 %

-2.5 %

$1,932

0.1 %

2.7 %

New York, NY

$733,217

-0.2 %

4.8 %

3 %

-2.2 %

$3,546

-0.1 %

4.2 %

Los Angeles, CA

$952,830

-0.5 %

1.3 %

0.5 %

-5.2 %

$2,929

0.2 %

1.8 %

Chicago, IL

$358,074

-0.2 %

5.1 %

0.1 %

1 %

$2,163

-0.2 %

4.7 %

Dallas, TX

$359,178

-0.5 %

-1.9 %

-3.9 %

-2.4 %

$1,659

0 %

0.7 %

Houston, TX

$303,039

-0.5 %

-1.8 %

2.4 %

-7.2 %

$1,638

0 %

0.1 %

Washington, DC

$570,871

-0.7 %

0.1 %

13.2 %

-8.8 %

$2,407

0.2 %

1.4 %

Philadelphia, PA

$387,304

-0.5 %

2.4 %

7.3 %

-7 %

$1,903

0 %

3.3 %

Miami, FL

$478,411

0 %

0.9 %

-13.9 %

-3 %

$2,654

0.2 %

1.8 %

Atlanta, GA

$376,082

-0.5 %

-1.6 %

1.3 %

-11.2 %

$1,843

0.2 %

2.1 %

Boston, MA

$728,324

-0.7 %

1.9 %

15 %

-0.4 %

$2,987

-0.6 %

2.3 %

Phoenix, AZ

$440,821

-0.4 %

-1.1 %

4.4 %

-5.1 %

$1,720

0.1 %

1 %

San Francisco, CA

$1,131,146

-0.3 %

3.7 %

-12.3 %

-2.6 %

$3,445

1.2 %

11.8 %

Riverside, CA

$581,604

-0.3 %

0.5 %

-3.8 %

-2.6 %

$2,533

0.2 %

2.9 %

Detroit, MI

$264,838

-0.7 %

1.5 %

6.6 %

-7.7 %

$1,514

0.4 %

4.2 %

Seattle, WA

$721,838

-1.1 %

-2.2 %

20.3 %

-8.7 %

$2,250

-0.2 %

1.8 %

Minneapolis, MN

$389,947

-0.3 %

1.7 %

16.8 %

0.4 %

$1,736

-0.1 %

3.5 %

San Diego, CA

$929,618

-0.6 %

0.9 %

-4.9 %

-9.3 %

$2,967

0 %

2.2 %

Tampa, FL

$357,180

-0.4 %

-0.5 %

-6.2 %

0.5 %

$1,991

0.2 %

0.4 %

Denver, CO

$557,532

-0.8 %

-1.7 %

0.4 %

-8.1 %

$1,900

-0.2 %

0 %

Baltimore, MD

$397,069

-0.7 %

0.2 %

9.1 %

-2.9 %

$1,937

0.3 %

2.7 %

St. Louis, MO

$274,292

-0.5 %

3.1 %

6.8 %

-4.2 %

$1,427

0.3 %

4.1 %

Orlando, FL

$383,561

-0.2 %

-1.2 %

-1.8 %

5.9 %

$1,929

-0.3 %

0.8 %

Charlotte, NC

$381,219

-0.7 %

-1.2 %

5.7 %

-0.2 %

$1,735

0.1 %

1.4 %

San Antonio, TX

$273,869

-0.7 %

-1.9 %

3.3 %

3.3 %

$1,415

0 %

-0.7 %

Portland, OR

$541,200

-0.6 %

-0.1 %

4.5 %

-2.8 %

$1,803

0.3 %

1.1 %

Sacramento, CA

$574,555

-0.5 %

0.2 %

-1.6 %

-0.3 %

$2,269

0.1 %

1.8 %

Pittsburgh, PA

$229,242

-0.6 %

0.4 %

11.7 %

-3.1 %

$1,467

0.1 %

3.5 %

Cincinnati, OH

$306,903

-0.5 %

1.9 %

6.3 %

3.2 %

$1,522

0.2 %

2.8 %

Austin, TX

$416,134

-0.7 %

-3.9 %

-2.5 %

-0.5 %

$1,603

0 %

0.7 %

Las Vegas, NV

$422,534

-0.5 %

-2.7 %

3.7 %

-2.5 %

$1,732

-0.1 %

0.5 %

Kansas City, MO

$327,069

-0.4 %

3.5 %

0.7 %

0.2 %

$1,534

0.1 %

3.8 %

Columbus, OH

$328,082

-0.6 %

1.1 %

5.5 %

0.1 %

$1,525

0.2 %

2.9 %

Indianapolis, IN

$292,332

-0.4 %

0.9 %

10.8 %

0.2 %

$1,528

0.2 %

3.5 %

Cleveland, OH

$251,602

-0.4 %

3.8 %

16.6 %

-1.2 %

$1,440

0.4 %

4.5 %

San Jose, CA

$1,535,288

-1 %

-0.2 %

10.5 %

2 %

$3,812

0.7 %

8.3 %

Nashville, TN

$449,730

-0.5 %

-0.6 %

9.6 %

2.7 %

$1,803

0.1 %

1.2 %

Virginia Beach, VA

$372,867

-0.3 %

2.8 %

4.8 %

-1.8 %

$1,886

0.6 %

7.1 %

Providence, RI

$524,593

-0.3 %

3.5 %

10.7 %

-9.3 %

$2,166

-0.2 %

4.2 %

Jacksonville, FL

$351,310

-0.1 %

0.2 %

-12.4 %

3.5 %

$1,680

0.3 %

2.2 %

Milwaukee, WI

$386,695

-0.6 %

4.9 %

4.4 %

2.2 %

$1,549

0.2 %

5.1 %

Oklahoma City, OK

$243,587

-0.5 %

0.7 %

5.4 %

7.5 %

$1,384

0.3 %

2.4 %

Raleigh, NC

$427,969

-0.7 %

-1.8 %

11.1 %

3.9 %

$1,669

0.2 %

1.4 %

Memphis, TN

$241,929

-0.7 %

-0.2 %

8 %

-1.4 %

$1,393

-0.1 %

1.1 %

Richmond, VA

$394,095

-0.4 %

2.5 %

8.3 %

2.1 %

$1,706

-0.3 %

2.5 %

Louisville, KY

$279,064

-0.5 %

1.3 %

16 %

7.2 %

$1,339

0.3 %

2 %

New Orleans, LA

$256,676

-0.9 %

0.8 %

-0.3 %

-2.5 %

$1,577

-0.1 %

1.7 %

Salt Lake City, UT

$560,853

-0.4 %

0.5 %

8.9 %

-3.3 %

$1,644

-0.1 %

0.7 %

Hartford, CT

$401,131

-0.3 %

5 %

5.6 %

2.9 %

$1,998

0.1 %

3.5 %

Buffalo, NY

$287,962

-0.6 %

3.1 %

15.2 %

6.3 %

$1,451

0.4 %

3.8 %

Birmingham, AL

$261,464

-0.4 %

2.3 %

1.6 %

4.8 %

$1,404

0.5 %

2.9 %

*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 the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

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.

(ZFIN)

SOURCE Zillow

Zillow expects continued softness in the for-sale market, with newly pending sales and inventory growth both decelerating as affordability challenges push demand toward rentals

Home sales fell 0.6% year over year in August, a deceleration from July's 6% annual gain, according to Zillow's August Market Report. Newly pending listings, a leading indicator of future closings, fell 2.6% year over year in August, extending a rapid deceleration from June's 7.5% annual gain — even as the number of homes for sale continues to climb. The rental market shows signs of absorbing sidelined demand, with rents rising 2.5% year over year, nearly double the rate of home value growth. , /PRNewswire/ -- Home sales slipped 0.6% year over year in August and fell sharply from July, according to the Zillow® August Market Report. Mortgage rates holding above 6.5% — their highest level in a year — kept many buyers on the sidelines. Newly pending listings, a forward-looking measure of demand, fell 2.6% from a year ago, a sign that the slowdown could continue through the remainder of the year.

August's closed sales largely reflect contracts signed in July, when elevated rates were already discouraging many would-be buyers. The typical U.S. home value rose 1.3% from a year ago to $369,678, according to the Zillow Home Value Index, and the monthly mortgage payment on the typical home was 2% higher than last year. Rents are climbing, too, up 2.5% year over year to $1,948 nationwide, giving prospective buyers little relief on either side of the rent-versus-own equation. That annual rent growth figure is also reaccelerating, up from 2.3% last month and 2% a year ago, suggesting the rental market is absorbing some of the demand that has shifted away from the for-sale market.

Inventory continues to offer a modest bright spot, with 1.41 million homes for sale nationwide, up 3% from a year ago. But new listings fell 7.9% from July, and the share of listings with a price cut edged up to 26.3% — half a percentage point above last year — a sign that sellers are still having to adjust expectations to meet the market.

"The for-sale housing market took a step back in August, and mortgage rates above 6.5% are the primary culprit," said Mischa Fisher, chief economist at Zillow. "The combination of weak sales and even weaker pending sales points to a soft close to 2026. There are more homes for sale than a year ago, which is good news for buyers who are ready to move, but until rates ease, many households will likely stay on the sidelines a little longer as renting is still the more affordable substitute."

Home Values & Mortgage Payments

The typical U.S. home value is $369,678. The Zillow Home Value Index (ZHVI) fell 0.1% month over month in August. Home values are 1.3% higher than a year earlier. The monthly mortgage payment on a typical U.S. home is $1,897, assuming a 20% down payment and including estimates for taxes, insurance and maintenance. That is 2% higher than last year. Inventory

There were 1.41 million homes for sale nationwide in August. Active inventory was 3% higher than a year earlier. Inventory rose 0.2% from July. New for-sale listings totaled 356,934 in August, up 2.4% from a year earlier and down 7.9% from July. Sales

339,927 homes were sold in August, according to Zillow's sales count nowcast. That is 0.6% lower than a year earlier, and down 10.7% from July. Competition

Homes took a median of 27 days to go pending in August. That's the same as last year and two days longer than July. The share of listings with a price cut in August was 26.3%. That was up 0.5 percentage points from a year earlier and down 0.8 percentage points from July. 29.6% of homes sold above list price in July, the most recent data available. That was 0.8 percentage points higher than a year earlier and 1.1 percentage points lower than June. Rents

The typical rent nationwide is $1,948, according to the Zillow Observed Rent Index. That's 2.5% higher than a year earlier and up 0.2% from July. 39.2% of rental listings on Zillow offered a concession in August. That's 2.5 percentage points higher than a year earlier and down 0.6 percentage points from July. Local data can be found on Zillow's market explorer. The Zillow September Market Report is expected to be released October 6.

Zillow August Market Report

Metro Area*

Typical
Home
Value
(ZHVI)

Home
Value
Change:
MoM

Home
Value
Change:
YoY

Inventory
Change:
YoY

Sales
Count
Nowcast 
Change:
YoY

Typical
Rent
(ZORI)

Rent
Change:
MoM

Rent
Change:
YoY

United States

$369,678

-0.1 %

1.3 %

0.2 %

-0.6 %

$1,948

0.2 %

2.5 %

New York, NY

$739,324

0.4 %

5.2 %

-3.5 %

-2.3 %

$3,615

0.2 %

4.2 %

Los Angeles, CA

$957,612

-0.3 %

1.4 %

0.5 %

-2.0 %

$2,941

0.2 %

1.6 %

Chicago, IL

$359,782

0.3 %

5.1 %

-0.4 %

4.9 %

$2,210

-0.1 %

4.9 %

Dallas, TX

$361,463

-0.3 %

-1.9 %

-1.3 %

-2.1 %

$1,659

0.1 %

0.4 %

Houston, TX

$305,386

-0.3 %

-1.8 %

-1.1 %

-4.0 %

$1,643

0.0 %

0.0 %

Washington, DC

$575,362

-0.5 %

0.3 %

-2.6 %

-3.5 %

$2,433

0.2 %

0.8 %

Philadelphia, PA

$390,935

-0.1 %

2.5 %

-0.2 %

-2.7 %

$1,911

0.4 %

3.6 %

Miami, FL

$477,919

0.2 %

0.5 %

-2.6 %

-1.0 %

$2,666

0.2 %

1.6 %

Atlanta, GA

$377,813

-0.4 %

-1.5 %

0.6 %

-0.8 %

$1,853

0.3 %

2.0 %

Boston, MA

$737,482

-0.2 %

2.3 %

-4.2 %

0.1 %

$3,074

-0.7 %

2.4 %

Phoenix, AZ

$442,171

-0.4 %

-1.0 %

-0.9 %

-1.4 %

$1,722

0.1 %

0.7 %

San Francisco, CA

$1,134,525

-0.3 %

3.3 %

-1.1 %

2.5 %

$3,409

1.7 %

10.8 %

Riverside, CA

$583,081

-0.1 %

0.4 %

-0.9 %

-0.7 %

$2,541

0.3 %

2.8 %

Detroit, MI

$267,999

-0.1 %

1.8 %

5.0 %

-1.6 %

$1,524

0.4 %

3.8 %

Seattle, WA

$730,623

-0.8 %

-1.6 %

0.0 %

-6.5 %

$2,278

0.2 %

1.7 %

Minneapolis, MN

$390,396

-0.2 %

1.7 %

1.4 %

4.4 %

$1,719

0.1 %

3.5 %

San Diego, CA

$934,936

-0.4 %

1.0 %

-2.0 %

-6.3 %

$2,994

0.3 %

2.0 %

Tampa, FL

$359,285

-0.1 %

-0.6 %

-1.4 %

2.7 %

$2,001

0.1 %

-0.1 %

Denver, CO

$562,732

-0.5 %

-1.5 %

0.0 %

-1.6 %

$1,922

-0.1 %

-0.6 %

Baltimore, MD

$400,583

-0.4 %

0.4 %

0.2 %

3.7 %

$1,948

0.3 %

2.6 %

St. Louis, MO

$277,084

-0.1 %

3.3 %

-0.5 %

-5.3 %

$1,443

0.2 %

3.9 %

Orlando, FL

$383,656

-0.2 %

-1.4 %

-1.0 %

5.8 %

$1,942

0.0 %

0.7 %

Charlotte, NC

$384,369

-0.4 %

-0.7 %

-1.5 %

-2.4 %

$1,749

0.2 %

1.0 %

San Antonio, TX

$276,834

-0.3 %

-1.8 %

-0.5 %

5.7 %

$1,422

0.2 %

-1.3 %

Portland, OR

$545,374

-0.3 %

0.1 %

-0.4 %

1.4 %

$1,818

0.3 %

0.6 %

Sacramento, CA

$576,967

-0.3 %

0.2 %

-1.3 %

3.5 %

$2,282

0.3 %

1.7 %

Pittsburgh, PA

$232,967

0.1 %

0.3 %

-0.3 %

-6.5 %

$1,469

0.0 %

3.4 %

Cincinnati, OH

$309,495

-0.2 %

2.3 %

-1.8 %

3.7 %

$1,522

0.2 %

2.6 %

Austin, TX

$419,900

-0.5 %

-4.2 %

-3.2 %

2.0 %

$1,622

0.1 %

0.0 %

Las Vegas, NV

$423,354

-0.5 %

-2.8 %

1.8 %

2.1 %

$1,742

-0.3 %

0.1 %

Kansas City, MO

$329,538

0.0 %

3.8 %

-0.5 %

1.7 %

$1,529

0.3 %

3.6 %

Columbus, OH

$331,866

-0.1 %

1.3 %

-0.5 %

6.3 %

$1,521

0.5 %

2.6 %

Indianapolis, IN

$294,343

-0.1 %

1.0 %

2.9 %

-2.7 %

$1,552

0.3 %

3.3 %

Cleveland, OH

$255,245

0.3 %

4.0 %

1.6 %

1.4 %

$1,454

0.3 %

4.5 %

San Jose, CA

$1,544,638

-1.0 %

0.3 %

0.2 %

-5.7 %

$3,815

1.0 %

7.6 %

Nashville, TN

$453,322

-0.2 %

-0.3 %

0.7 %

1.0 %

$1,813

0.2 %

0.8 %

Virginia Beach, VA

$374,765

0.0 %

2.9 %

0.6 %

3.4 %

$1,891

1.0 %

6.6 %

Providence, RI

$528,018

0.1 %

3.7 %

2.3 %

-1.5 %

$2,167

0.1 %

4.3 %

Jacksonville, FL

$351,487

-0.1 %

0.0 %

-2.2 %

-1.0 %

$1,696

0.2 %

1.8 %

Milwaukee, WI

$391,398

0.1 %

5.5 %

-1.4 %

-2.9 %

$1,563

0.3 %

5.0 %

Oklahoma City, OK

$246,105

0.0 %

1.1 %

2.4 %

-4.9 %

$1,388

0.2 %

2.3 %

Raleigh, NC

$431,407

-0.4 %

-1.6 %

-1.4 %

4.7 %

$1,675

0.3 %

0.8 %

Memphis, TN

$244,845

-0.2 %

0.1 %

-0.5 %

0.8 %

$1,400

-0.1 %

1.0 %

Richmond, VA

$396,305

-0.1 %

2.7 %

3.5 %

-3.6 %

$1,729

-0.2 %

2.5 %

Louisville, KY

$280,808

-0.3 %

1.6 %

1.7 %

-0.2 %

$1,348

0.0 %

1.6 %

New Orleans, LA

$261,012

-0.3 %

1.6 %

-0.8 %

-2.7 %

$1,598

0.0 %

1.4 %

Salt Lake City, UT

$562,551

-0.2 %

1.0 %

6.2 %

0.1 %

$1,641

0.1 %

0.5 %

Hartford, CT

$404,670

0.2 %

5.2 %

1.0 %

1.2 %

$2,034

0.3 %

3.2 %

Buffalo, NY

$292,435

0.3 %

3.7 %

5.2 %

-3.8 %

$1,449

0.5 %

3.5 %

Birmingham, AL

$263,461

0.0 %

2.5 %

0.4 %

1.0 %

$1,433

0.8 %

2.0 %

*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 the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

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.

(ZFIN)

SOURCE Zillow, Inc.

Newly pending sales fell sharply from June as mortgage rates hit their highest point in a year, signaling that July's sales bump may not last

Home sales rose 7% year over year in July, the strongest annual gain of the year, according to Zillow's July Market Report. This largely represents transactions in which an offer was accepted in June. Newly pending listings, a leading indicator of future closings, grew just 0.3% from a year ago and fell 7.7% from June. Inventory sits 1.5% above year-ago levels, helped by 3.1% annual growth of new listings, extending the 32-month streak of supply gains. , /PRNewswire/ -- Home sales surged 7% in July, the strongest annual gain seen so far this year, according to the Zillow® July Market Report. But a closer look takes some air out of that headline figure. Newly pending listings are up just 0.3% year over year, suggesting the pipeline of future sales is running dry.

July's headline sales figure reflects contracts signed weeks earlier, when mortgage rates were hovering in the 6.5% range. A fresh oil price shock in July sent mortgage rates higher, likely prompting many home shoppers to pause their search.

The affordability edge that has been a silver lining to an otherwise disappointing home shopping season may disappear in the coming months. U.S. home values are up 1.1% from a year ago, according to the Zillow Home Value Index. A monthly mortgage payment on the typical U.S. home in July, assuming a 20% down payment, was 0.9% lower than the year prior. Unless they reverse course, mortgage rates will be higher than last year in August, likely enough to push the typical mortgage payment above year-ago levels.

"July was a strong month for existing home sales, but unfortunately it may represent the peak of what we can expect for the rest of the year," said Mischa Fisher, chief economist at Zillow. "Closed sales in July mostly reflect offers accepted in June, when underlying pent-up demand for housing, combined with an improving rate environment, drove strong activity. Unfortunately, the weak growth in newly pending sales in July and the worsening rate environment portend a weaker half of the year for sales growth, with flat to declining transaction volumes for the remainder of the year in some regions." 

Home Values & Mortgage Payments

The typical U.S. home value is $371,757. The Zillow Home Value Index (ZHVI) rose 0.4% month over month in July. Home values are 1.1% higher than a year earlier. The monthly mortgage payment on a typical U.S. home is $1,888, assuming a 20% down payment and excluding taxes and insurance. That is 0.9% lower than last year. Inventory

There were 1.41 million homes for sale nationwide in July. Active inventory was 1.5% higher than a year earlier. Inventory rose 0.9% from June. New for-sale listings totaled 387,203 in July, up 3.1% from a year earlier and down 4.2% from June. Sales

382,898 homes were sold in July, according to the preliminary Zillow sales count nowcast. That is 7% higher than a year earlier but down 2.7% from June. 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 0.3% growth from a year earlier and a 7.7% decrease from June. Competition

Homes took a median of 25 days to go pending in July. That was five days longer than a year earlier and one day longer than June. The share of listings with a price cut in July was 27.1%. That was down from 27.4% a year earlier and up from 25.7% in June. 30.8% of homes sold above list price in June, the most recent data available. That's compared to 30.9% a year earlier and 30.2% in May. Rents

The typical rent nationwide is $1,962, according to the Zillow Observed Rent Index. That's 2.3% higher than a year earlier and up 0.3% from June. 39.8% of rental listings on Zillow offered a concession in July. That's up from 36% a year earlier and up from 39.7% in June. 39.8% of rental listings on Zillow offered a concession in July. That's compared to 36% a year earlier and 39.7% in June. Local data can be found on Zillow's market explorer. The Zillow August Market Report is expected to be released September 8.

Zillow July Market Report

Metro Area*

Typical
Home
Value
(ZHVI)

Home
Value
Change:
MoM

Home
Value
Change:
YoY

Inventory
Change:
YoY

Sales
Count
Nowcast
Change:
YoY

Typical
Rent
(ZORI)

Rent
Change:
MoM

Rent
Change:
YoY

United States

$371,757

0.4 %

1.1 %

1.5 %

7 %

$1,962

0.3 %

2.3 %

New York, NY

$739,990

0.8 %

4.6 %

1.9 %

-0.8 %

$3,627

0.8 %

4.5 %

Los Angeles, CA

$966,820

0.1 %

0.9 %

-2.8 %

2.1 %

$2,944

0.1 %

1.5 %

Chicago, IL

$361,494

0.9 %

4.8 %

1 %

7.2 %

$2,253

0.4 %

5.1 %

Dallas, TX

$364,682

0.1 %

-2.2 %

-4.7 %

5.1 %

$1,667

0 %

0.1 %

Houston, TX

$307,199

0.1 %

-1.9 %

3 %

6.5 %

$1,654

0.1 %

0 %

Washington, DC

$581,129

0.1 %

0.1 %

10.8 %

4.5 %

$2,456

0.3 %

0.4 %

Philadelphia, PA

$393,122

0.5 %

2.4 %

8.6 %

2.3 %

$1,925

0.4 %

3.4 %

Miami, FL

$478,760

0.4 %

-0.2 %

-14.9 %

15.8 %

$2,677

0.2 %

1.4 %

Atlanta, GA

$381,578

0.1 %

-1.5 %

-0.5 %

2.8 %

$1,855

0.5 %

2.1 %

Boston, MA

$743,469

0.4 %

2 %

12.4 %

13 %

$3,165

-0.1 %

2.6 %

Phoenix, AZ

$445,622

0 %

-1.1 %

-1.1 %

5.9 %

$1,727

0.2 %

0.3 %

San Francisco, CA

$1,143,620

0.1 %

2.1 %

-15.8 %

7.9 %

$3,372

1.8 %

9.7 %

Riverside, CA

$586,925

0.2 %

-0.1 %

-7.2 %

1.3 %

$2,547

0.1 %

2.5 %

Detroit, MI

$270,291

0.5 %

1.8 %

11.7 %

-2.7 %

$1,531

0.4 %

3.6 %

Seattle, WA

$741,028

-0.3 %

-1.5 %

17.2 %

-4.4 %

$2,282

0.5 %

1.4 %

Minneapolis, MN

$394,679

0.5 %

1.6 %

19 %

14 %

$1,725

0.4 %

3.5 %

San Diego, CA

$936,560

0 %

0.6 %

-7.7 %

9.6 %

$3,008

0.3 %

1.8 %

Tampa, FL

$361,516

0.3 %

-1.2 %

-8.9 %

10.7 %

$2,013

0.1 %

-0.5 %

Denver, CO

$567,979

-0.1 %

-1.7 %

-3.9 %

7.8 %

$1,930

0.3 %

-0.9 %

Baltimore, MD

$404,816

0.2 %

0.5 %

12.2 %

13 %

$1,946

0.6 %

2.5 %

St. Louis, MO

$278,129

0.5 %

3.3 %

9.7 %

-0.6 %

$1,445

0.5 %

4.3 %

Orlando, FL

$386,386

0.1 %

-1.7 %

-4.8 %

11 %

$1,959

-0.1 %

0.6 %

Charlotte, NC

$387,653

0 %

-0.6 %

11.6 %

7.2 %

$1,756

0.2 %

0.6 %

San Antonio, TX

$278,613

0 %

-1.9 %

4 %

8.2 %

$1,425

0.2 %

-1.8 %

Portland, OR

$550,185

0.2 %

-0.3 %

2.1 %

5.5 %

$1,810

0.2 %

0.3 %

Sacramento, CA

$582,570

0.2 %

-0.3 %

-7.1 %

9 %

$2,296

-0.1 %

1.7 %

Pittsburgh, PA

$231,278

0.3 %

-0.2 %

15.7 %

2 %

$1,499

0.3 %

3.4 %

Cincinnati, OH

$311,118

0.3 %

2.2 %

11.4 %

9.6 %

$1,552

0.3 %

2.7 %

Austin, TX

$424,478

0.1 %

-4.5 %

-4.6 %

19.7 %

$1,647

0.3 %

-0.9 %

Las Vegas, NV

$428,201

0 %

-2.8 %

0.5 %

6.3 %

$1,747

-0.1 %

0.2 %

Kansas City, MO

$331,205

0.5 %

3.7 %

2.5 %

11.9 %

$1,546

0.6 %

3.7 %

Columbus, OH

$332,969

0.3 %

1.2 %

12.3 %

18.2 %

$1,519

0.5 %

1.9 %

Indianapolis, IN

$295,966

0.3 %

0.9 %

12.7 %

8.4 %

$1,571

0.6 %

2.7 %

Cleveland, OH

$254,758

0.7 %

3.5 %

14.3 %

7.3 %

$1,476

0.6 %

4.3 %

San Jose, CA

$1,569,703

-0.6 %

-0.4 %

0.4 %

3.2 %

$3,782

1.4 %

7 %

Nashville, TN

$455,148

0.2 %

-0.5 %

8.7 %

8.5 %

$1,820

0.4 %

0.6 %

Virginia Beach, VA

$376,678

0.5 %

2.8 %

4.8 %

7.8 %

$1,877

0.8 %

5.9 %

Providence, RI

$531,026

0.7 %

3.6 %

5.3 %

-1.5 %

$2,180

0.2 %

3.6 %

Jacksonville, FL

$352,756

0.2 %

-0.4 %

-14.3 %

5.2 %

$1,711

0.3 %

1.4 %

Milwaukee, WI

$393,714

0.8 %

5.3 %

9.7 %

15.7 %

$1,545

0.5 %

4.7 %

Oklahoma City, OK

$246,398

0.2 %

0.9 %

5.9 %

4.1 %

$1,390

0.2 %

2.4 %

Raleigh, NC

$436,918

0.1 %

-1.6 %

12.1 %

1.4 %

$1,683

0.4 %

0.5 %

Memphis, TN

$245,565

0 %

0 %

11.5 %

5.4 %

$1,422

0.3 %

1.2 %

Richmond, VA

$398,387

0.4 %

2.6 %

4.5 %

8.2 %

$1,751

0.2 %

2.7 %

Louisville, KY

$282,162

0.2 %

1.4 %

17.4 %

10.8 %

$1,357

0 %

1.8 %

New Orleans, LA

$262,731

0.2 %

2.2 %

-2.1 %

8.1 %

$1,604

0.2 %

1.2 %

Salt Lake City, UT

$567,006

0.2 %

1.1 %

0.9 %

19.9 %

$1,647

0.1 %

0.5 %

Hartford, CT

$405,762

0.8 %

5 %

5.5 %

1.2 %

$2,020

0.3 %

2.8 %

Buffalo, NY

$292,737

0.9 %

3.9 %

16.8 %

7.1 %

$1,446

0.6 %

3.3 %

Birmingham, AL

$263,910

0.4 %

2.4 %

6.4 %

8.8 %

$1,456

0.3 %

1.4 %

*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 the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

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.

(ZFIN)

SOURCE Zillow

, /PRNewswire/ -- Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months ended June 30, 2026.

Complete financial results for the second quarter and outlook for the third quarter and the full year of 2026 can be found in the shareholder letter on the Investor Relations section of Zillow Group's website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx. 

"Zillow delivered another quarter of strong results and consistent execution. We outperformed the broader housing market and our outlook, and we are on track toward our full-year goals," said Zillow Chief Executive Officer Jeremy Wacksman. "Zillow is the operating system for modern real estate, and we are building toward a future where getting home through the integrated experience on Zillow is the standard for renters, buyers, sellers and the industry professionals who guide them through it."

Recent highlights include:

Q2 revenue was up 18% year over year to $772 million, above the high end of the company's outlook range. The residential real estate industry grew by 6% in Q2.1 The company estimates Q2 purchase mortgage origination volume for the industry was approximately flat year over year, which more closely represents the company's customer base. For Sale revenue was up 14% year over year in Q2 to $549 million. Residential revenue was up 7% year over year in Q2 to $465 million, benefiting from growth in Preferred, Zillow Showcase, New Construction and the company's suite of agent software tools. Mortgages revenue increased 75% year over year to $84 million in Q2, primarily due to a 95% increase in purchase loan origination volume to $2.2 billion. Rentals revenue increased 31% year over year in Q2 to $209 million, primarily driven by multifamily revenue growing 42% year over year. Net loss was $4 million in Q2, and net loss margin was 1%, an 80-basis-point decrease year over year. Diluted net loss per share was $0.02 compared to diluted net income per share of $0.01 in Q2 a year ago. Adjusted net income was $118 million and Diluted adjusted net income per share was $0.52 compared with $0.40 in Q2 a year ago.2 Q2 Adjusted EBITDA was $176 million, above the high end of our outlook range, and Adjusted EBITDA margin was 23%.2 Cash and investments at the end of Q2 were $682 million. In Q2, the company repurchased 5.6 million shares for $200 million. Traffic to Zillow Group's mobile apps and sites in Q2 was down 2% year over year to 239 million average monthly unique users.3 Visits during Q2 were down 2% year over year to 2.5 billion. According to Comscore, which tracks growth trends across the residential real estate category, Zillow's average monthly unique visitors in Q2 outperformed the category, which saw a decline overall, similar to other leading indicators that are pointing to a slower second half. Zillow is the only large company in the category, according to Comscore, to consistently expand its reach with the real estate audience over the past seven quarters. ‌

1 National Association of Realtors® existing homes sold during Q2 2026 multiplied by the average selling price per home for Q2 2026 compared with the same period in 2025

2 Adjusted net income, Diluted adjusted net income per share, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures; they are not calculated or presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Please see the "Use of Non-GAAP Financial Measures" section below for more information about our presentation of these non-GAAP financial measures, including a reconciliation to the most directly comparable GAAP financial measures for the relevant period.

3 For information on the company's calculation of average monthly unique users and visits, please see Zillow Group's publicly available filings with the U.S. Securities and Exchange Commission.

Second-Quarter 2026 Financial Highlights

The following table sets forth Zillow Group's financial highlights for the periods presented (in millions, except percentages, unaudited):

Three Months Ended

June 30,

2025 to 2026

% Change

Six Months Ended

June 30,

2025 to 2026

% Change

2026

2025

2026

2025

Revenue:

   For Sale revenue:

     Residential

$        465

$        434

7 %

$         915

$        851

8 %

     Mortgages

84

48

75 %

148

89

66 %

  Total For Sale revenue

549

482

14 %

1,063

940

13 %

   Rentals

209

159

31 %

392

288

36 %

   Other

14

14

— %

25

25

— %

Total revenue

$        772

$        655

18 %

$      1,480

$     1,253

18 %

Other Financial Data:

Gross profit

$        562

$        489

$      1,081

$        948

Net income (loss)

$           (4)

$            2

$           42

$          10

Diluted net income (loss) per share

$      (0.02)

$       0.01

$        0.18

$       0.04

Net cash provided by operating activities                    

$          11

$          87

$         211

$        191

Non-GAAP Financial Measures:(1)

Adjusted EBITDA

$        176

$        155

$         374

$        308

Adjusted net income

$        118

$        101

$         263

$        206

Diluted adjusted net income per share

$       0.52

$       0.40

$        1.12

$       0.81

Adjusted free cash flow

$          96

$        100

$         223

$        188

Percentage of Revenue:

Gross profit

73 %

75 %

73 %

76 %

Net income (loss)

(1) %

— %

3 %

1 %

Adjusted EBITDA(1)

23 %

24 %

25 %

25 %

Adjusted net income(1)

15 %

15 %

18 %

16 %

(1) These are non-GAAP financial measures. Please see the "Use of Non-GAAP Financial Measures" section below for more information about

our presentation of these non-GAAP financial measures, including a reconciliation to the most directly comparable GAAP financial measures for

the relevant period. 

Conference Call and Webcast Information

Zillow Group will host a live webcast to discuss these results today at 2 p.m. Pacific time (5 p.m. Eastern time). Please register for the live event at https://zillow-q2-26-financial-results.open-exchange.net/. A shareholder letter and link to both the live webcast and recorded replay of the call may be accessed in the Quarterly Results section of Zillow Group's Investor Relations website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding the company's business strategies, the execution of those strategies, and their impact on consumers and real estate professionals. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "predict," "will," "projections," "continue," "estimate," "outlook," "guidance," "would," "could," "strive" or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of August 5, 2026, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group's actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group's control.

Factors that may contribute to such differences include, but are not limited to: the health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, labor shortages and supply chain issues; our ability to manage advertising, product inventory and pricing, and to maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile apps and websites; or changes to our rights to use or timely access listing data, or to the quality or quantity of such listing data; our ability to comply with current and future rules and requirements promulgated by National Association of REALTORS®, multiple listing services, or other real estate industry groups or governing bodies, or decisions to repeal, amend or not enforce such rules and requirements; our ability to navigate industry changes, including as a result of past, pending or future lawsuits, settlements or government investigations, which may include lawsuits, settlements or investigations in which we are not a named party; uncertainties related to policy changes, enforcement priorities, or government shutdowns at the federal and state levels; our ability to continue to innovate and compete to attract customers and real estate partners; our ability to effectively invest resources to pursue new strategies, develop new products and services and expand existing products and services into new markets; our ability to operate and grow Zillow Home Loans' mortgage operations, including the ability to obtain or maintain sufficient financing to fund the origination of mortgages, meet customers' financing needs with product offerings, continue to grow origination operations and resell originated mortgages on the secondary market; the duration and impact of natural disasters, climate change, geopolitical events, and other catastrophic events (including public health crises) on our ability to operate, demand for our products or services, or general economic conditions; our public statements, disclosures, targets, and product features related to sustainability matters; our ability to maintain adequate security controls or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; our ability to navigate any significant disruption in service on our mobile apps or websites or in our network; the impact of past, pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations to which we are not a party; our ability to attract, engage, and retain a highly skilled workforce; mergers, acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay our debt or to raise additional capital or refinance our indebtedness on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; actual or perceived inaccuracies in the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices.

The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group's business and financial results, please review the "Risk Factors" described in Zillow Group's publicly available filings with the United States Securities and Exchange Commission. Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances.

About Zillow Group, Inc.

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 the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

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.

Please visit https://investors.zillowgroup.com, www.zillow.com/news, and www.linkedin.com/company/zillow, where Zillow Group discloses information about the company, its financial information, and its business that may be deemed material.

Logos for Zillow Group and some of its key brands are available at https://zillow.com/news/logos/. 

(ZFIN)

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results and liquidity, this press release includes references to Adjusted EBITDA, Adjusted net income, Diluted adjusted net income per share, and Adjusted free cash flow, all of which are non-GAAP financial measures not calculated or presented in accordance with GAAP. We have provided a reconciliation below of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Adjusted EBITDA

Adjusted EBITDA is a key metric used by our management and Board of Directors to measure operating performance and trends and to prepare and approve our annual budget. In particular, we believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments; Adjusted EBITDA does not reflect restructuring costs; Adjusted EBITDA does not reflect interest expense or other income, net; Adjusted EBITDA does not reflect income taxes; Adjusted EBITDA does not reflect certain litigation costs directly associated with our pending antitrust litigation brought by the Federal Trade Commission ("FTC") and state attorneys general ("FTC Matter"), consisting of legal fees and related expenses that we have determined arise outside the ordinary course of our business and are nonrecurring, infrequent, or unusual. In making this determination, we considered the following factors: (1) the FTC Matter is the first legal proceeding of this nature brought against us, and we do not currently expect similar proceedings to recur; (2) the nature of the remedies sought by the FTC, including, among other things, a permanent injunction and a divestiture of assets or reconstruction of businesses, differs from the relief typically sought in our ordinary course litigation; and (3) the counterparties are a federal regulatory agency and state attorneys generals, which are distinct from the type of counterparties involved in our ordinary course litigation; and Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently from the way we do, limiting its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash-flow metrics, net income (loss), and our other GAAP results.

Adjusted Net Income and Diluted Adjusted Net Income Per Share

Our presentation of Adjusted net income and Diluted adjusted net income per share excludes the impact of share-based compensation, restructuring costs, FTC Matter litigation costs and income taxes. These measures are not key metrics used by our management or Board of Directors to measure operating performance or otherwise manage the business. However, we provide Adjusted net income and Diluted adjusted net income per share as supplemental information to investors, as we believe the exclusion of the results of share-based compensation, restructuring costs, FTC Matter litigation costs and income taxes facilitates investors' operating performance comparisons on a period-to-period basis. You should not consider Adjusted net income and Diluted adjusted net income per share in isolation or as substitutes for analysis of our results as reported under GAAP.

Adjusted Free Cash Flow

We define Adjusted free cash flow as net cash provided by operating activities adjusted for purchases of property and equipment, purchases of intangible assets, net borrowings on master repurchase agreements, and the initial payment in connection with the Redfin rentals partnership. Borrowings on master repurchase agreements are used to fund Zillow Home Loans mortgage loan originations, and we consider them part of our ongoing liquidity management. The initial payment in connection with the Redfin rentals partnership was considered a one-time and nonrecurring cash flow, and we exclude it from our calculation as we believe it impacts the ability to evaluate the liquidity of our business operations on a period-to-period basis.

We have included Adjusted free cash flow in this press release as it is a key metric used by our management to evaluate the effectiveness of our business strategies and execution and our ability to consistently generate cash from our core operations on a period-to-period basis.

Our use of Adjusted free cash flow has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures. Other companies, including companies in our own industry, may calculate Adjusted free cash flow differently from the way we do, limiting its usefulness as a comparative measure.

Reconciliations of Non-GAAP Financial Measures

The following table presents a reconciliation of Adjusted EBITDA to net income (loss) for each of the periods presented (in millions, unaudited):

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net income (loss)

$           (4)

$         2

$          42

$          10

Income taxes

1

—

3

—

Other income, net

(13)

(18)

(29)

(40)

Depreciation and amortization                                                  

65

67

130

132

Share-based compensation

75

99

156

196

Restructuring costs

36

—

36

—

FTC Matter litigation costs(1)

10

—

26

—

Interest expense

6

5

10

10

Adjusted EBITDA

$         176

$      155

$         374

$         308

(1) Beginning with the three months ended June 30, 2026, we calculate and report Adjusted EBITDA excluding litigation costs directly associated with the FTC
Matter, which we have determined to be nonrecurring, infrequent, or unusual and outside the ordinary course of our business. We have revised Adjusted EBITDA
for the three months ended March 31, 2026 to conform to the current period presentation. As a result of this revision, Adjusted EBITDA for the three months ended
March 31, 2026 increased by $16 million, from $182 million as previously reported to $198 million.

The following table presents a reconciliation of Adjusted net income to net income (loss) and associated per-share metrics for each of the periods presented (in millions, except per-share data, unaudited):

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net income (loss)

$           (4)

$            2

$          42

$          10

Share-based compensation

75

99

156

196

Restructuring costs

36

—

36

—

FTC Matter litigation costs(1)

10

—

26

—

Income taxes

1

—

3

—

Adjusted net income

$         118

$         101

$         263

$         206

Diluted net income (loss) per share

$       (0.02)

$        0.01

$        0.18

$        0.04

Diluted adjusted net income per share                                   

$        0.52

$        0.40

$        1.12

$        0.81

(1) Beginning with the three months ended June 30, 2026, we calculate and report Adjusted net income and Diluted adjusted net income per share excluding
litigation costs directly associated with the FTC Matter, which we have determined to be nonrecurring, infrequent, or unusual and outside the ordinary course of our
business. We have revised Adjusted net income and Diluted adjusted net income per share for the three months ended March 31, 2026 to conform to the current
period presentation. As a result of this revision, Adjusted net income for the three months ended March 31, 2026 increased by $16 million, from $129 million as
previously reported to $145 million, and Diluted adjusted net income per share increased by $0.07, from $0.53 as previously reported to $0.60.

For periods with GAAP net loss and Adjusted net income, the Adjusted diluted weighted-average shares outstanding used in the calculation of Diluted adjusted net
income per share includes potentially dilutive securities that were excluded from the calculation of Diluted net loss per share, as the effect was anti-dilutive. The
following table reconciles the denominators used in the Diluted net income (loss) per share and Diluted adjusted net income per share calculations (in thousands,
unaudited):

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Diluted weighted-average shares outstanding

227,896

251,665

233,891

253,916

Effect of dilutive securities:

     Option awards

191

—

—

—

     Unvested restricted stock units

114

—

—

—

   Adjusted diluted weighted-average shares outstanding                    

228,201

251,665

233,891

253,916

The following table provides a reconciliation of Adjusted free cash flow to net cash provided by operating activities for the periods presented (in millions, unaudited):

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net cash provided by operating activities

$          11

$          87

$         211

$         191

Purchases of property and equipment

(36)

(37)

(70)

(73)

Purchases of intangible assets

(9)

(7)

(19)

(115)

Net borrowings on master repurchase agreements

130

57

101

85

Initial payment in connection with Redfin rentals partnership   

—

—

—

100

   Adjusted free cash flow

$          96

$         100

$         223

$         188

SOURCE Zillow Group, Inc.

Agents can now invite buyers and sellers they already know to collaborate with them on Zillow, unlocking insights and tools to help create more personalized client experiences and more business

, /PRNewswire/ -- With 235 million average monthly unique users1 and 70% of actual buyers and sellers in the U.S. on Zillow® today,2 most of a real estate agent's past clients are already browsing homes on Zillow, often without a clear path to take the next step. If agents could see those signals and act on them, they could show up at the right moment with the right information, giving buyers and sellers the guidance they need when they need it. And when agents are better connected to the clients they've already built relationships with, everyone wins — agents grow their business and consumers get a more responsive, more personal experience throughout their search.

Zillow has launched Zillow Pro℠, its premium membership for any and all real estate agents. It lets agents invite buyers and sellers they are working with to collaborate on Zillow, unlocking insights and tools for more personalized client experiences.

My Agent is a collaboration tool that brings agents into the shopper's Zillow experience. When a consumer accepts an invitation to My Agent, agents get real-time insight into what that shopper is browsing, saving and searching in their area.

"Likely to List" is a Zillow Pro premium feature powered by AI that helps agents spot properties in their existing Follow Up Boss database that may be coming to market soon, giving agents a reason to reconnect with past contacts who may be interested in selling.

Agents and shoppers can message or book a tour together on Zillow listings in their local market, staying connected without ever leaving their Zillow search.

A premium Agent Profile gives agents a differentiated presence on Zillow, with custom branding, photos and video. Zillow has launched Zillow Pro℠, its premium membership for any and all real estate agents, nationwide to make this possible. The membership equips agents with exclusive tools built to help them meet clients where they already are — on Zillow — and work together seamlessly. Agents can invite any buyer or seller in their network to collaborate with them on Zillow, and once that contact accepts, agents get visibility into their Zillow activity along with the tools to help them know when and how to best reach out. Nearly 20,000 agents have already used Zillow Pro in its beta version, and buyers working with agents who have a membership are 80% more likely to meet with their agent face-to-face and 50% more likely to move forward in their search.3

In a housing market where sales are on track for another flat year and mortgage rates are once again near 6.5%, agents are competing harder for every transaction. The relationships an agent builds over years are foundational to their business. But being kept in mind across a large client base is hard, and most agents have no way of knowing when someone in their network starts getting serious about a move. That closed door is where opportunities are lost.

"Real estate runs on relationships, and we see time and again the agents who win are the ones who show up at the right moment with the right information," said Cynthia Taylor, senior vice president of product at Zillow. "Now any agent can have the tools and visibility to do that across their entire business. This is our commitment to helping agents get more out of the platform where their clients are browsing, dreaming and planning."

It starts with My Agent, a collaboration tool that brings agents into the shopper's Zillow experience. When a consumer accepts an invitation to My Agent, agents get real-time insight into what that shopper is browsing, saving and searching in their area. That intelligence helps agents deliver more timely and relevant outreach by using Follow Up Boss® automatic prioritization and tailored message suggestions. Consumers who connect through My Agent convert at more than four times the rate of those with inferred relationships.4

Shoppers, in turn, see their agent across Zillow listings in their local market as they search and can easily message or book a tour with their agent, staying connected without ever leaving their Zillow search.

"The client wants to be on Zillow. Everybody is on Zillow," said Lisa Ryan, vice president of agent services at Exquisite Properties in San Antonio. "Zillow Pro membership allows us to be more intentional with keeping that relationship and nurturing it as well."

No other platform can deliver the combination of a world-class customer relationship management (CRM) system with insights from the largest online audience of home shoppers in the country. With a Zillow Pro membership, any agent — whether they advertise on Zillow or not — can extend My Agent invitations to any contact in their Follow Up Boss database.

Listing agents get a meaningful edge with the new "Likely to List" tag, a Zillow Pro premium feature. Powered by AI, Likely to List helps agents spot properties in their existing Follow Up Boss database that may be coming to market soon, giving agents a reason to reconnect with past contacts who may be interested in selling.

Powerful tools for branding, outreach and day-to-day workflow round out the agent's tool kit. A premium Agent Profile gives agents a differentiated presence on Zillow, with custom branding, photos and video. AI automatically surfaces the most engaged contacts, generates personalized outreach and gives agents instant context on a contact's history so they always know who to call and how to help. In supported MLS markets, agents can also search listings, share properties with buyers and track engagement without leaving Follow Up Boss — with their branding on every listing link they send. Combining these tools in a Zillow Pro membership, agents get a complete system for staying visible, informed and connected with clients.

Along with Zillow PreviewSM and Zillow ShowcaseSM, as well as consumer tools like its AI mode, Zillow is building a richer and more connected experience for everyone in the transaction. Buyers move from browsing to action, sellers reach the right buyers earlier and agents have the tools to guide their clients from preparation through closing.

Agents can learn more and get started at zillowpro.com.

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 the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

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.

(ZFIN)

1 Zillow data, full-year 2025.
2 Zillow Group monthly unique visitors divided by "real estate" unique visitors (as defined by Comscore) for December 2025.
3 Based on Zillow internal analysis comparing matched contacts with and without a My Agent Relationship.
4 Internal analysis suggests this reflects the higher intent of buyers who actively confirm an agent relationship, rather than the relationship status itself driving conversion.

SOURCE Zillow

Lower mortgage costs and sales jump offer hope, even as inventory growth hits a three-year low

Home sales jumped 5.9% from last year, according to Zillow's June Market Report, reversing May's decline. New listings grew 3% annually after falling in May, though total inventory has nearly stalled after a long run of gains. Listing trends are diverging by price tier, with more inventory and sales for lower-priced homes. Lower mortgage rates helped push the typical monthly payment 2.5% below year-ago levels. , /PRNewswire/ -- Home sales jumped in June and mortgage costs fell further below last year's levels, offering some hope for a mild sales recovery this year, according to the Zillow® June Market Report.

Sales climbed 9.2% from May and are now 5.9% above year-ago levels, a trend reversal after sales fell on an annual basis in May. Affordability continued to improve, as well, with the cost of a typical mortgage down 2.5% from last year, before taxes and insurance. Mortgage rates are driving the improvement, down more than 20 basis points since last year, according to Freddie Mac. The typical U.S. home value of $372,057 is up just 1.1% from a year ago.

In another reversal from May, new listings rose 3% year over year, a sign that there may yet be some life left in this year's home shopping season. Total inventory rose again on a year-over-year basis, extending a long streak of gains. But the gain was just 0.9%, the smallest since December 2023.

"The market wrestled with some uncertainty throughout the spring shopping season, but mortgage rates declining from their mid-spring peak has added some extra heat as we head into an already toasty summer," said Mischa Fisher, chief economist at Zillow. "While the lowest price tiers are exhibiting some softness in terms of price, they also had the most listing-activity growth, the first time since 2022 that's been the case. While the divergence in sale price is notably 'k-shaped,' affordability gains did continue in June."

Home Values & Mortgage Payments

The typical U.S. home value is $372,057. The Zillow Home Value Index (ZHVI) rose 0.7% month over month in June. Home values are 1.1% higher than a year earlier. The monthly mortgage payment on a typical U.S. home is $1,884, assuming a 20% down payment and excluding taxes and insurance. That is 2.5% lower than last year. Inventory

There were 1.39 million homes for sale nationwide in June. Active inventory was 0.9% higher than a year earlier. Inventory rose 2% from May. New for-sale listings totaled 403,811 in June, up 3% from a year earlier and down 4.6% from May. Sales

381,125 homes were sold in June, according to the preliminary Zillow sales count nowcast. That is 5.9% higher than a year earlier and up 9.2% from May. 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 7.6% growth from a year earlier and a 1.5% decrease from May. Competition

Homes took a median of 20 days to go pending in June. That was the same as a year earlier and two days slower than in May. The share of listings with a price cut in June was 25.8%. That was down from 26.6% a year earlier and up from 23.9% in May. 30.3% of homes sold above list price in May, the most recent data available. That's compared to 31.1% a year earlier and 28.3% in April. Rents

The typical rent nationwide is $1,965, according to the Zillow Observed Rent Index. That's 2.2% higher than a year earlier and up 0.4% from May. 39.7% of rental listings on Zillow offered a concession in June. That's up from 39.5% in May, and up from 35.2% a year earlier. Local data can be found on Zillow's market explorer. The Zillow July Market Report is expected to be released August 5.

Zillow June Market Report

Metro Area

Typical
Home
Value

Home
Value
Change:
MoM

Home
Value
Change:
YoY

Inventory
Change:
YoY

Sales
Count
Nowcast
Change:
YoY

Typical
Rent
(ZORI)

Rent
Change:
MoM

Rent
Change:
YoY

United States

$372,057

0.7 %

1.1 %

0.9 %

5.9 %

$1,965

0.4 %

2.2 %

New York, NY

$736,042

1 %

4.4 %

1.6 %

-4.3 %

$3,573

0.9 %

4.5 %

Los Angeles, CA

$965,867

0.2 %

0.6 %

-2 %

6.6 %

$2,927

0.2 %

1.5 %

Chicago, IL

$359,897

1.3 %

4.8 %

0.6 %

8.5 %

$2,275

0.7 %

5.2 %

Dallas, TX

$365,048

0.3 %

-2.5 %

-6.4 %

9.4 %

$1,673

0.2 %

0 %

Houston, TX

$307,273

0.2 %

-2 %

3.5 %

6 %

$1,648

0.3 %

-0.1 %

Washington, DC

$584,571

0.5 %

0.1 %

6.9 %

5.8 %

$2,448

0.2 %

0.1 %

Philadelphia, PA

$394,620

1.1 %

2.6 %

8.6 %

-0.6 %

$1,928

0.5 %

3.6 %

Miami, FL

$476,638

0.4 %

-1.2 %

-14 %

17.9 %

$2,695

0.1 %

1.2 %

Atlanta, GA

$381,729

0.3 %

-1.7 %

-0.9 %

-0.4 %

$1,854

0.6 %

1.9 %

Boston, MA

$744,972

0.9 %

2 %

12.2 %

8.7 %

$3,210

0.2 %

2.6 %

Phoenix, AZ

$445,343

0 %

-1.5 %

-3.4 %

8.9 %

$1,733

0.1 %

0 %

San Francisco, CA

$1,144,062

0.4 %

1.4 %

-15.3 %

10.9 %

$3,301

1.7 %

8.2 %

Riverside, CA

$584,574

0.1 %

-0.5 %

-7.5 %

7 %

$2,539

0.3 %

2.3 %

Detroit, MI

$270,689

1.1 %

2.4 %

9.2 %

0.6 %

$1,518

0.5 %

3.2 %

Seattle, WA

$742,220

0 %

-1.7 %

14 %

-1.1 %

$2,269

0.7 %

1.4 %

Minneapolis, MN

$394,234

0.8 %

2 %

15.9 %

7.9 %

$1,727

0.5 %

3.4 %

San Diego, CA

$940,304

0.3 %

0.1 %

-5.7 %

12.5 %

$2,991

0.4 %

1.7 %

Tampa, FL

$359,973

0.3 %

-2.1 %

-9.2 %

3.3 %

$2,020

0.1 %

-0.7 %

Denver, CO

$571,808

0.3 %

-2.1 %

-7 %

8.1 %

$1,930

0.6 %

-1.3 %

Baltimore, MD

$406,745

0.6 %

0.8 %

9.5 %

6.1 %

$1,936

0.3 %

2.2 %

St. Louis, MO

$280,017

1.2 %

3.4 %

7.3 %

5.6 %

$1,459

0.5 %

4 %

Orlando, FL

$385,766

0.1 %

-2.3 %

-5.1 %

14.3 %

$1,972

0.4 %

0.7 %

Charlotte, NC

$389,125

0.3 %

-0.4 %

8.8 %

-0.4 %

$1,750

0.3 %

0.5 %

San Antonio, TX

$278,941

0.1 %

-1.8 %

3.4 %

14 %

$1,416

-0.1 %

-1.8 %

Portland, OR

$551,911

0.5 %

-0.5 %

0.3 %

9.1 %

$1,805

0.4 %

0.4 %

Sacramento, CA

$582,799

0.4 %

-0.7 %

-7 %

15 %

$2,308

0.5 %

2 %

Pittsburgh, PA

$234,727

1.3 %

0.5 %

10.6 %

2.1 %

$1,523

0.4 %

3.6 %

Cincinnati, OH

$312,453

0.9 %

2.5 %

10.7 %

4 %

$1,583

0.1 %

2.8 %

Austin, TX

$424,110

0.1 %

-5.2 %

-7.1 %

16.3 %

$1,653

0.5 %

-1.7 %

Las Vegas, NV

$427,825

-0.1 %

-3.1 %

0.2 %

10.9 %

$1,748

0.3 %

0.3 %

Kansas City, MO

$331,552

1 %

3.8 %

0.3 %

5.5 %

$1,545

0.5 %

3.4 %

Columbus, OH

$334,559

0.9 %

1.4 %

7.5 %

22.1 %

$1,528

0.4 %

1.5 %

Indianapolis, IN

$296,207

0.6 %

1.1 %

11.3 %

14.1 %

$1,558

0.6 %

2.5 %

Cleveland, OH

$254,986

1.4 %

4 %

11.9 %

10.4 %

$1,474

0.4 %

4 %

San Jose, CA

$1,579,943

-0.5 %

-0.9 %

0.4 %

1.9 %

$3,729

1.5 %

6.2 %

Nashville, TN

$456,355

0.4 %

-0.6 %

8.3 %

8.7 %

$1,810

0.6 %

0.4 %

Virginia Beach, VA

$376,903

0.8 %

2.8 %

2.9 %

3.9 %

$1,878

0.5 %

5.5 %

Providence, RI

$531,763

1.2 %

3.6 %

4 %

7.1 %

$2,172

0.4 %

3.5 %

Jacksonville, FL

$352,624

0.4 %

-0.8 %

-14.9 %

2.9 %

$1,708

0.5 %

1.2 %

Milwaukee, WI

$393,554

1.3 %

5.3 %

6.6 %

9.5 %

$1,552

0.5 %

4.2 %

Oklahoma City, OK

$247,292

0.5 %

1 %

6.4 %

9.5 %

$1,393

0.3 %

2.8 %

Raleigh, NC

$436,249

0.2 %

-1.9 %

11 %

17 %

$1,689

0.3 %

0.3 %

Memphis, TN

$246,954

0.4 %

0.1 %

13.5 %

-7.3 %

$1,435

0.1 %

0.7 %

Richmond, VA

$399,039

0.8 %

2.7 %

4 %

11.6 %

$1,772

0.5 %

3.3 %

Louisville, KY

$283,500

0.7 %

1.5 %

20 %

12.6 %

$1,385

-0.1 %

2.3 %

New Orleans, LA

$264,193

0.6 %

2.5 %

-2.6 %

0.6 %

$1,617

0.3 %

0.8 %

Salt Lake City, UT

$566,343

0.3 %

1.3 %

1.2 %

17.5 %

$1,638

0.4 %

0.6 %

Hartford, CT

$407,270

1.6 %

5.4 %

1.5 %

4.9 %

$2,013

0.4 %

3.1 %

Buffalo, NY

$294,112

1.8 %

4.5 %

18.6 %

-2.9 %

$1,461

0.3 %

3.1 %

Birmingham, AL

$263,437

0.8 %

2.3 %

3 %

2.4 %

$1,462

0.3 %

1.2 %

*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 the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

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.

(ZFIN)

SOURCE Zillow