Higher mortgage rates in April halted the spring recovery Zillow had predicted at the beginning of the year, which resulted in the higher sales numbers in March, according to new research. In 2026, new listings increased more annually than home sales for the first time.
Key Findings:
- The average home value in the U.S. is $366,712.
- In April, the Zillow Home Value Index (ZHVI) increased by 0.6% on a monthly basis.
- The value of homes has increased by 0.7% in the past year.
- With a 20% down payment and no taxes or insurance, the average monthly mortgage payment on a U.S. property is $1,829. Compared to last year, that is 3.4% less.
- In April, there were 1.3 million properties up for sale nationally.
- Compared to a year ago, active inventory was 3.7% greater.
- Inventory increased 5.8% from March.
- In April, there were 426,356 new postings for sale, up 10.7% from March and 2.1% from the previous year.
In April, there were almost 426,000 new listings, up 2.1% from the same month last year, but home sales were essentially same, down 0.4%. Data also indicated that there are now an estimated 1.3 million properties for sale nationwide, up 3.7% from April of last year.
Sales Overview:
- Approximately 323,631 homes were sold in April, according to the preliminary Zillow sales count forecast. That is 0.4% lower than a year earlier and up 7.9% from March.
- Newly pending listings, which measures listings that changed from for-sale to pending status rather than closed sales, shows 7.1% growth from a year earlier and a 5.6% increase over March.
Note: These figures will be revised mid-month.
Further data showed that if rates return to the 6% range observed earlier this year, somewhat more favorable conditions for purchasers suggest the possibility of a rapid recovery. Buyers who waited out last year’s market are entering on slightly better terms this spring, with more alternatives, greater affordability, and a bit more time to make a decision, despite the recent jump in mortgage rates.
Zillow April Market Report — 2026
| Metro Area* | Typical home value | Home value change: MoM | Home value change: YoY | Inventory change: YoY | Sales count change: YoY | Typical rent (ZORI) | Rent change: MoM | Rent change: YoY |
| U.S. | $366,712 | 0.6% | 0.7% | 3.7% | -0.4% | $1,930 | 0.6% | 1.9% |
| New York | $717,750 | 0.4% | 3.9% | 3.1% | -14.8% | $3,406 | 0.9% | 4.2% |
| Los Angeles | $964,097 | 0.6% | -0.1% | 4% | -0.5% | $2,892 | 0.4% | 1.2% |
| Chicago | $348,929 | 1% | 4.4% | 0.1% | 5.8% | $2,219 | 0.9% | 5.4% |
| Dallas | $363,727 | 0.4% | -3.3% | -2% | 8% | $1,660 | 0.6% | -0.2% |
| Houston | $306,441 | 0.3% | -2% | 8.5% | 1.6% | $1,619 | 0.3% | -0.9% |
| Washington, DC | $579,216 | 0.6% | -0.7% | 10.7% | 0.4% | $2,375 | 0.6% | -0.1% |
| Philadelphia | $385,989 | 0.8% | 2.5% | 7.4% | -10.1% | $1,901 | 0.4% | 3.5% |
| Miami | $472,249 | 0.2% | -2.8% | -11.7% | 4.4% | $2,683 | 0.4% | 0.9% |
| Atlanta | $379,802 | 0.4% | -2.2% | 3.6% | -5.7% | $1,825 | 0.3% | 1.2% |
| Boston | $732,523 | 0.9% | 1.4% | 8.9% | -3.7% | $3,184 | 0.8% | 2.2% |
Note: *The table above is ordered by market size.
Even while home values increased by 0.7% to $366,712 in April, the average American home’s monthly mortgage payment dropped 3.4% year-over-year to $1,829. With the average listing going pending in 17 days, which is one day longer than a year ago, homes are taking a little longer to find a buyer. Although it decreased from the previous year, the percentage of listings with a price reduction is still high when compared to historical averages.
In April, it took an average of 17 days for homes to become pending—two days less than March and one day more than a year ago. Additionally, some 23.5% of listings had a price reduction in April. That was up 0.9 percentage points from March and down 1 percentage point from a year ago.
According to the most recent data available, an estimated 25.4% of properties sold for more than their advertised price in March. That was 3.2 percentage points more than February and 1.6 percentage points less than a year ago.
The next Zillow May Market Report is expected to be released June 4.
To read the full report, click here.
