Zillow’s March Market Report Shows Housing Market Accelerated Despite Mortgage Rate Spike

Housing activity accelerated in March despite rising mortgage rates, with newly pending home sales up 4.6% year-over-year and nearly 30% month-over-month, while inventory continued to grow and home values rose modestly — signaling steady demand even as affordability pressures persist.

This combination of resilient demand and ongoing affordability challenges points to a more active but selective housing market, creating momentum for categories like mortgage lending, home improvement, moving services and home retail as consumers weigh timing, cost and long-term value.