US housing market demand and sales trends

Zillow reports indicate a significant rise in “engaged home shoppers” in the United States during the second quarter of 2026. This metric, defined as users who save or share listings, saw a 21.4% year-over-year increase, resulting in nearly five engaged shoppers for every home on the market.

Despite this surge in high-intent interest, actual home sales rose by only 4.5% during the same period. Zillow senior economist Kara Ng noted that elevated mortgage rates and economic uncertainty are keeping many potential buyers on the sidelines, creating a gap between shopping intent and completed transactions.

The market shows significant regional and economic disparities. In the Northeast, where limited inventory has driven competition, the ratio of engaged shoppers to listings reached as high as 10 to 1 in cities like Buffalo. In contrast, parts of the Sun Belt, such as Houston and Miami, saw lower competition with ratios around 2 to 1. Additionally, data suggests a “K-shaped market,” where luxury listings experience significantly higher engagement levels than bottom-tier homes.