Zillow Sees 4.6% Rise in Pending Listings and 32% Traffic Surge
Zillow reported a 4.6% year-on-year rise in newly pending home listings for March, marking the largest increase since 2021, while average daily page views per listing jumped 32% year-on-year. Despite mortgage rates climbing from 5.98% to 6.38%, home values rose 0.8% annually to $365,545.
1. Record Pending Listing Growth
Newly pending listings on Zillow rose by 4.6% year-on-year to 281,546 in March, marking the second-highest monthly total since August 2022 and the largest March increase in five years.
2. Mortgage Rate Impact
National mortgage rates climbed from 5.98% in February to 6.38% in late March, pushing the typical monthly payment up 1.5% to $1,789 (excluding taxes and insurance) and testing buyer affordability.
3. Zillow Platform Engagement
User engagement on Zillow strengthened, with average daily page views per for-sale listing jumping 32% compared to last March, indicating robust demand at the start of the spring home shopping season.
4. Home Values and Inventory Levels
The Zillow Home Value Index rose 0.6% month-on-month and 0.8% year-on-year to $365,545, while active inventory expanded 4.2% to 1.23 million homes for sale nationwide.