New listings climbed 3% year over year in September, reversing the 3% decline a month earlier. On a monthly basis, listings dipped 2%, outperforming the historical average of a 9% tumble heading into the fall.

Total inventory slipped just 1% from August to September but sits 14% higher than last year’s levels.​

The report also shows a shifting balance of power: 15 of the nation’s 50 largest metros are now buyer’s markets, up from six last year.

Zillow’s heat index names the top buyer-friendly metros:

Miami, FloridaNew Orleans, LouisianaAustin, TexasJacksonville, FloridaIndianapolis, Indiana

In contrast, seller-leaning markets remain hot due to limited housing supply and restrictive land-use laws.

The best seller’s markets named by Zillow include:

Buffalo, New YorkHartford, ConnecticutSan Jose, CaliforniaSan Francisco, CaliforniaNew York, New York

Recent nationwide data reinforces Zillow’s message of resilience. According to Freddie Mac, the average 30-year fixed mortgage rate has dropped to about 6.19%, its lowest point of 2025. Meanwhile, existing-home sales rose to a seven-month high in September as affordability began to improve. And even as 15% of pending sales were canceled amid nervous buyers, Redfin’s numbers show that sellers are adjusting expectations—making price cuts and accepting slower deals.​

Together, these trends suggest the housing market is thawing rather than overheating. Zillow’s economists expect this “unseasonably active” fall to carry into the holidays, powered by easing borrowing costs and pent-up demand. For buyers who’ve been waiting for a window, this may be the first real opening in nearly three years.

​For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.