Key facts
- Home sales and new listings fell behind 2025 levels in May.
- Mortgage rates rose steadily, surpassing 6.5%.
- New listings historically peak in April.
According to the Zillow® May Market Report, home sales and new listings fell behind 2025 levels in May as mortgage rates steadily increased. The report indicates that new listings, which historically peak in April, have not met previous year's levels. This slowdown suggests a pause in the housing recovery, influenced by rising borrowing costs.