Zillow's February Market Report points to spring rebound
Existing home sales rose 1.8% year over year amid improved affordability
SEATTLE, March 4, 2026 /PRNewswire/ -- Home values rose for the first time in seven months and existing home sales improved from a year ago, according to the Zillow® February Market Report. The housing market is perking up as spring approaches, possibly foreshadowing a more active year for transactions after three low-volume years.
The improvement in existing home sales in February suggests January's weaker figures were likely influenced by severe winter weather, while improved affordability aligns with Zillow's forecast for increased activity this year. Lower mortgage rates have helped improve buying power by about $30,000 for a median-income household over the past year, while the typical mortgage payment is down 7.7% from a year ago, excluding taxes and insurance. A sustained dip for mortgage rates below 6% could provide a psychological boost that prompts more buyers and sellers to return to the market.
New listings fell 3% from a year earlier in February, as winter storms may have continued to disrupt activity. This will be an important metric to watch in the months ahead to track how many fresh options will be available to buyers benefiting from improved affordability.
"Zillow's latest data suggests buyers and sellers are starting to regain confidence. Existing home sales rose from a year ago, providing an early glimmer of hope that the housing market has turned a corner after three years bouncing along the bottom," said Mischa Fisher, chief economist at Zillow. "Buyers have more homes within reach to choose from to go along with these friendlier conditions. Lower mortgage rates will also encourage more homeowners who have felt locked in to sell as they will be better able to afford their next home."
Home Values & Mortgage Payments
Inventory
Sales
Competition
Rents
Local data can be found on Zillow's market explorer. The Zillow March Market Report is expected to be released April 6.
Zillow February Market Report
Metro Area*
Typical
Home
Value
(ZHVI)
Home
Value
Change:
MoM
Home
Value
Change:
YoY
Inventory
Change:
YoY
Sales
Count
Nowcast
Change:
YoY
Typical
Rent
(ZORI)
Rent
Change:
MoM
Rent
Change:
YoY
United States
$361,371
0.1 %
0.4 %
5.0 %
1.8 %
$1,895
0.4 %
1.9 %
New York, NY
$711,726
0.3 %
4.1 %
-2.5 %
-8.3 %
$3,258
0.5 %
4.2 %
Los Angeles, CA
$951,833
0.3 %
-0.5 %
6.0 %
-5.5 %
$2,884
0.2 %
1.1 %
Chicago, IL
$340,834
0.3 %
4.2 %
-4.4 %
-6.5 %
$2,132
0.9 %
5.5 %
Dallas, TX
$361,020
0.0 %
-3.6 %
5.2 %
-0.5 %
$1,630
0.3 %
0.2 %
Houston, TX
$304,131
-0.1 %
-2.0 %
14.7 %
4.9 %
$1,620
-0.1 %
-0.4 %
Washington, DC
$571,301
0.1 %
-0.6 %
16.3 %
-2.2 %
$2,331
0.5 %
0.2 %
Philadelphia, PA
$376,931
0.0 %
2.5 %
0.1 %
-8.9 %
$1,859
0.6 %
3.1 %
Miami, FL
$470,075
0.0 %
-3.9 %
-5.2 %
4.8 %
$2,654
0.2 %
0.5 %
Atlanta, GA
$375,728
0.0 %
-2.4 %
3.5 %
-3.0 %
$1,808
0.2 %
1.6 %
Boston, MA
$713,906
0.0 %
1.4 %
3.6 %
-1.4 %
$3,098
0.6 %
1.9 %
Phoenix, AZ
$446,190
0.1 %
-1.8 %
4.7 %
0.4 %
$1,724
0.4 %
-0.7 %
San Francisco, CA
$1,113,913
0.6 %
-2.0 %
-8.4 %
31.7 %
$3,103
1.1 %
6.3 %
Riverside, CA
$580,572
0.2 %
-1.5 %
-0.3 %
-4.3 %
$2,478
0.4 %
1.7 %
Detroit, MI
$259,012
0.1 %
2.9 %
14.1 %
-13.4 %
$1,461
0.2 %
2.4 %
Seattle, WA
$736,787
0.2 %
-1.8 %
28.4 %
-6.3 %
$2,181
0.2 %
1.8 %
Minneapolis, MN
$381,372
0.2 %
1.9 %
14.2 %
-1.5 %
$1,664
0.6 %
4.0 %
San Diego, CA
$926,935
0.4 %
-2.0 %
3.8 %
-0.5 %
$2,871
0.5 %
1.6 %
Tampa, FL
$355,768
0.1 %
-4.0 %
1.6 %
0.7 %
$1,976
0.3 %
-1.4 %
Denver, CO
$562,498
0.1 %
-3.1 %
9.7 %
1.9 %
$1,844
0.3 %
-1.0 %
Baltimore, MD
$395,198
0.1 %
0.7 %
11.1 %
6.7 %
$1,857
0.3 %
2.5 %
St. Louis, MO
$266,286
0.2 %
2.7 %
5.4 %
2.1 %
$1,395
0.2 %
3.5 %
Orlando, FL
$383,704
0.0 %
-3.6 %
-0.8 %
8.6 %
$1,922
0.3 %
0.2 %
Charlotte, NC
$382,994
0.0 %
-0.6 %
11.2 %
-5.8 %
$1,716
0.3 %
0.5 %
San Antonio, TX
$275,672
-0.1 %
-2.4 %
8.9 %
3.1 %
$1,392
0.2 %
-1.6 %
Portland, OR
$540,459
0.1 %
-1.1 %
14.4 %
-0.1 %
$1,779
0.3 %
0.9 %
Sacramento, CA
$571,639
0.1 %
-2.0 %
-3.5 %
-2.8 %
$2,211
0.2 %
2.1 %
Pittsburgh, PA
$221,878
-0.1 %
1.3 %
5.7 %
-10.6 %
$1,446
0.2 %
3.8 %
Cincinnati, OH
$300,802
0.2 %
2.4 %
8.4 %
6.9 %
$1,536
0.7 %
3.5 %
Austin, TX
$421,553
-0.1 %
-5.9 %
4.4 %
2.0 %
$1,563
0.5 %
-2.4 %
Las Vegas, NV
$427,252
-0.1 %
-2.8 %
12.8 %
-8.2 %
$1,720
0.4 %
-0.1 %
Kansas City, MO
$317,307
0.3 %
3.1 %
10.0 %
21.9 %
$1,481
0.4 %
3.5 %
Columbus, OH
$322,372
0.2 %
1.1 %
5.7 %
1.0 %
$1,484
0.5 %
1.7 %
Indianapolis, IN
$287,261
0.1 %
1.3 %
14.3 %
5.1 %
$1,486
0.1 %
2.6 %
Cleveland, OH
$240,551
0.1 %
4.2 %
5.2 %
-4.6 %
$1,394
0.8 %
5.0 %
San Jose, CA
$1,585,426
0.6 %
-1.9 %
6.3 %
12.3 %
$3,431
0.7 %
5.1 %
Nashville, TN
$446,850
-0.1 %
-0.9 %
11.9 %
2.5 %
$1,777
0.2 %
0.2 %
Virginia Beach, VA
$364,148
0.2 %
2.0 %
3.9 %
0.8 %
$1,787
0.5 %
5.7 %
Providence, RI
$505,621
0.0 %
2.7 %
-2.8 %
-10.5 %
$2,095
0.7 %
4.8 %
Jacksonville, FL
$348,117
0.2 %
-2.0 %
-8.2 %
3.5 %
$1,666
0.5 %
0.7 %
Milwaukee, WI
$371,801
0.4 %
5.3 %
9.1 %
5.7 %
$1,484
0.2 %
3.5 %
Oklahoma City, OK
$241,046
0.0 %
1.3 %
13.3 %
2.6 %
$1,359
0.4 %
2.6 %
Raleigh, NC
$431,487
0.0 %
-2.4 %
28.9 %
4.0 %
$1,651
0.4 %
0.2 %
Memphis, TN
$241,793
0.2 %
-0.2 %
10.5 %
1.4 %
$1,421
-0.2 %
1.2 %
Richmond, VA
$384,590
0.1 %
1.8 %
6.1 %
3.1 %
$1,658
0.7 %
3.9 %
Louisville, KY
$274,455
0.4 %
2.4 %
19.0 %
8.2 %
$1,361
0.0 %
1.9 %
New Orleans, LA
$257,238
0.7 %
2.8 %
2.0 %
-8.1 %
$1,577
0.3 %
0.2 %
Salt Lake City, UT
$558,316
0.1 %
1.8 %
16.6 %
2.5 %
$1,599
0.1 %
-0.7 %
Hartford, CT
$380,488
0.0 %
4.9 %
-6.5 %
4.9 %
$1,886
-0.1 %
2.5 %
Buffalo, NY
$272,833
-0.2 %
3.9 %
2.2 %
11.3 %
$1,374
0.5 %
3.6 %
Birmingham, AL
$256,501
0.4 %
1.4 %
9.0 %
-9.6 %
$1,406
0.2 %
1.6 %
*Table ordered by market size
Forward-looking statements
This press release includes forward-looking statements about future housing market conditions, mortgage rates, rental trends and other economic factors. These statements are based on current expectations and assumptions, which are subject to change. Actual outcomes may differ materially due to changes in economic and market conditions. Forward-looking statements speak only as of the date of this release, and Zillow Group undertakes no obligation to update them.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
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