Newly Pending Listings Fell 17% In October, The Biggest Year Over Year Drop Since 2023 (Zillow October Market Report)

The housing market cooled considerably in October as elevated mortgage rates continued to challenge affordability, according to Zillow's October 2026 Market Report. Existing home sales fell 8.7% from a year earlier, while newly pending listings dropped 16.8%, the largest annual decline since August 2023. The typical U.S. home value was $364,812, up just 0.7% year over year, but the monthly mortgage payment on a typical home reached $2,004, a 12.8% increase. Meanwhile, the rental market continued to strengthen, with typical rents rising 2.9% annually to $1,913.

With affordability keeping some prospective buyers on the sidelines, real estate agencies, mortgage lenders, banks, credit unions, homebuilders, apartment communities, property management companies and moving services have different messages to bring to market. Sellers can encourage these advertisers to highlight financing options, available inventory, buyer assistance programs, rental specials and services that help consumers navigate today's housing costs.