Seasonal cooling is finally seeping into the housing market after an unseasonably active fall, according to Zillow economists. Low mortgage rates in September and October pushed buyers and sellers to be more active than usual. But November saw a return to seasonality, despite mortgage rates that ticked down to 2025 lows.
New listings from sellers fell sharply from October to November, nearly 30% month-over-month—the largest monthly November decline since at least 2018. This reversed annual growth in new listings, from 5.1% year-over-year in October to a 4.4% annual decline in November.
That said, there's still reason for optimism. "Affordability is still a hurdle for home buyers, but 2025 brought real progress," said Zillow Senior Economist Kara Ng. "Mortgage payments dropped by more than $100 a month, while incomes continued to rise. For many households, that small shift can be the difference between sitting out the market and finally being able to buy or sell a home. … We expect the market to warm up a bit next spring.”
Read the entire report here.
