SEATTLE – This year’s home shopping season had no shortage of interest, but sales didn’t fully reflect that.
A new Zillow analysis tracked engaged home shoppers – people who saved or shared a for-sale listing on Zillow, signaling real interest beyond casual browsing. This past spring, there were nearly five of them for every home on the market, a 21% jump from the previous year.
Despite the surge, home sales told a more modest story, rising just 4.5% over the same period. Serious home shopping was up even with more inventory on the market than a year before, making the signal of pent-up demand even stronger. Elevated mortgage rates and affordability pressures are keeping would-be buyers on the sidelines.
The analysis captures the second quarter of 2026, the height of the home shopping season. Heading into it, mortgage rates held at or below 6.5%, and affordability was more favorable than a year prior. Since then, conditions have tightened, with a weaker-than-anticipated close to the year expected.
“This past spring gave us a window into what demand looks like when conditions are even modestly more favorable,” said Kara Ng, Zillow senior economist. “With borrowing costs moving back up and economic uncertainty weighing on household decisions, that gap between intent and action has only grown. There is a lot of pent-up demand sitting on the sidelines, and the right conditions could open the floodgates.”
That pent-up demand isn’t spread evenly. In some Northeast markets, where years of underbuilding have kept inventory tight, engaged home shoppers are competing 10 to 1 for every home. In parts of the Sun Belt, the ratio barely clears 2 to 1.
Engaged shopper activity reflects the K-shaped housing market Zillow has been tracking across the for-sale market. Luxury listings had a median of eight engaged home shoppers per listing this past spring, nearly three times the 2.7 per listing seen for bottom-tier homes. More tellingly, engagement for luxury homes grew 25.7% year-over-year while bottom-tier engagement grew just 8.6%, meaning the gap is widening. Wealthier home shoppers appear more insulated from today’s economic headwinds and more willing to step into the market.
The same pattern holds according to home size. Listings with four or more bedrooms attracted 6.6 engaged home shoppers per listing, nearly double the 3.5 seen for two-bedroom homes, and posted stronger year-over-year growth as well. For now, higher-end home shoppers tend to have more financial flexibility to navigate today’s borrowing costs and economic uncertainty, and they are stepping into the market accordingly.