New home listings were down 3.0% in August 2025 from August 2024 and down 7.3% from July, reaching a record low for August, according to Zillow’s market report.
Homes are taking longer to sell, with the typical property sold in August spending 27 days on the market. This is one week longer than last year and one day more than pre-pandemic averages.
Zillow's Market Heat Index indicates that the market is balanced between buyers and sellers nationwide, with less competition among buyers than in any August since 2018.
"Buyers who can afford a home and have been waiting for the right moment should look closely at what's available now," Zillow Senior Economist Kara Ng said in a statement. "Options are on the shelves, even if they're not all fresh. Sidelined buyers should revisit their budget; mortgage rates are lower than recent years, and in some markets, sellers are more willing to deal. But don't expect this window of opportunity to stay open indefinitely. Buyers' leverage is easing as many sellers put their plans to list on hold."
Read the full Zillow market report here.
