Zillow reports surge in high-intent home shoppers

A Zillow analysis indicates a significant rise in high-intent home shoppers, signaling strong pent-up demand in the U.S. housing market. During the spring of 2026, there were nearly five engaged shoppers—those who save or share listings—for every home on the market, representing a 21% increase from the previous year.

Despite this surge in interest, actual home sales rose by only 4.5% during the same period. Zillow senior economist Kara Ng noted that while interest is high, elevated mortgage rates and economic uncertainty are keeping many potential buyers on the sidelines. This gap between intent and action is expected to widen as borrowing costs rise.

The demand is unevenly distributed across the country. In certain Northeast markets with limited inventory, engaged shoppers are competing at a ratio of 10 to 1 per home, whereas the ratio in parts of the Sun Belt is approximately 2 to 1. The data also highlights a K-shaped market, with luxury listings seeing significantly higher engagement levels compared to bottom-tier homes.