Buyers and sellers remained unseasonably active, bouncing back after an August lullThe number of buyers markets more than doubled, rising from six to 15 over the past year.New listings from sellers rose 3% annually, emerging from a 3% annual decline in August.Buyers have 14% more options to choose from compared to a year ago. SEATTLE, Oct. 20, 2025 /PRNewswire/ -- A September dip in mortgage rates paired with a stock market bump gave a boost to what is traditionally the start of the slow season in real estate. The latest market report1 from Zillow® shows activity from sellers and buyers is unseasonably resilient after a lackluster August. "September's market showed surprising stamina," said Kara Ng, senior economist at Zillow. "Typically, both buyers and sellers step back this time of year, but lower mortgage rates and stock market highs provided a second wind heading into fall. This time of year can be a sweet spot for buyers. There's often less competition than in the spring and more time to make sure the home's a perfect fit. Sellers who stay in the market into the holidays may be more open to negotiating."Unexpected showing of sellers in SeptemberMore homeowners decided to list their properties in September after a particularly slow August. New listings, which were down 3% year over year in August, rebounded to show 3% annual growth in September. Typically, new listings drop off sharply heading into fall — they've fallen an average of 9% in September over the past seven years — making this year's mere 2% drop exceptional. Buyers also remained active in September. Pending sales fell 5.4% from August to September, a smaller drop than is typical for this time of year and less than half the usual monthly decline in September. Total inventory fell 1% from August to September, but is up 14% from last year. Buyer's markets more than double as competition easesA year ago, six of the nation's 50 largest metros were buyer's markets; this September, buyers have the edge in 15 metros. Zillow's market heat index shows the strongest buyer's markets are Miami, New Orleans, Austin, Jacksonville and Indianapolis. That's due, in large part, to a surge of new construction in most of those areas in recent years. The hottest markets for sellers are in the Northeast and Bay Area: Buffalo, Hartford, San Jose, San Francisco and New York — places where builders face some of the most stringent land use restrictions.Fall outlook for buyers & sellersFall can be a sweet spot for buyers, with lower competition than in the spring and more homes for sale than later in the year. Sellers who don't sell by the holidays may be more open to negotiating concessions on price, closing costs and mortgage rate buydowns. Sellers, meanwhile, should present their listings in the best possible light to help them stand out to buyers. Home sellers in a buyers or neutral market should be prepared for buyers asking for concessions on closing costs and rate buydowns.Metro Area*Zillow Home Value Index (ZHVI)ZHVI Year over Year (YoY)Share of Listings With a Price Cut Market Favors (Zillow Market Heat Index)Inventory Change YoYNew Listings Change YoYNew Listings Change Month over MonthUnited States$364,8910.0 %26.2 %Neutral14.0 %3.3 %-2.0 %New York, NY$712,1142.8 %16.4 %Strong Seller7.6 %4.8 %24.1 %Los Angeles, CA$948,924-1.3 %23.0 %Seller18.5 %-4.9 %-2.9 %Chicago, IL$342,6003.4 %29.4 %Seller-2.5 %0.2 %-0.8 %Dallas, TX$363,788-4.1 %32.8 %Neutral15.6 %-3.1 %-9.5 %Houston, TX$306,359-2.2 %28.7 %Buyer25.0 %-2.5 %-10.6 %Washington, DC$576,2270.3 %29.3 %Seller30.5 %7.7 %20.2 %Philadelphia, PA$381,3062.8 %26.7 %Neutral10.4 %Full story available on Benzinga.com