Buyer Interest Far Outpaces Home Sales, Zillow Says

Interest from prospective homebuyers was higher this spring than in 2025, even as home sales remained subdued, suggesting significant pent-up demand in the U.S. housing market, according to a new Zillow analysis.

The number of “engaged shoppers,” or users who saved or shared a for-sale listing on Zillow, rose 21.4 percent from a year earlier during the second quarter of 2026, the online real estate brokerage said on Thursday.

That amounted to an average of 4.8 engaged shoppers for every home listed for sale nationwide, according to Zillow.

Actual home sales, however, increased by just 4.5 percent over the same period.

Zillow said the gap points to buyers who are seriously interested in purchasing but remain constrained by high borrowing costs and affordability concerns.

“This past spring gave us a window into what demand looks like when conditions are even modestly more favorable,” Zillow senior economist Kara Ng said in a statement.

“There is a lot of pent-up demand sitting on the sidelines, and the right conditions could open the floodgates.”

The analysis covers the year’s second quarter, one of the busiest periods for home shopping.

Mortgage rates were at or below 6.5 percent heading into the spring, while affordability had improved compared with a year earlier, Zillow said.

Conditions have since become less favorable, with the average interest rate on a 30-year fixed purchase mortgage approaching 7.5 percent.

Potential customers varied sharply by region.

Buffalo, New York, had the highest level of competition, with 10.5 engaged shoppers for every listing. Providence, Rhode Island, followed with 9.5, while Hartford, Connecticut, had 8.5.

At the other end of the spectrum, Houston had just 2.2 engaged shoppers per listing, followed by Miami at 2.4 and San Antonio at 2.9.

Zillow noted that many of the least competitive markets are in the Sun Belt, where a wave of new housing inventory has given buyers more room to pick and choose.

Higher-priced homes also attracted significantly more interest, according to Zillow.

Luxury listings, defined as homes in the top 5 percent of values within a given market, drew a median of eight engaged shoppers per listing. That was nearly three times the 2.7 shoppers per listing for lower-priced homes.

Engagement with luxury listings rose 25.7 percent from a year earlier, compared with an 8.6 percent increase for lower-priced homes.

Larger properties showed a similar pattern.

Homes with four or more bedrooms attracted 6.6 engaged shoppers per listing, compared with 3.5 for two-bedroom homes.

“Wealthier home shoppers appear more insulated from today’s economic headwinds and more willing to step into the market,” Zillow said.