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Zillow's July Market Report shows a 7% sales surge, but leading indicators point to a slower second half

prnewswire.com
ZG Z While July saw a 7% sales surge, leading indicators like falling pending sales and rising mortgage rates suggest a slower second half of the year. The company's economist anticipates this may be the peak for the year.

Zillow's July Market Report shows a 7% sales surge, but leading indicators point to a slower second half 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

SEATTLE, Aug. 6, 2026 /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

Inventory

Sales

Competition

Rents

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.

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SOURCE Zillow