03:42 PM EDT, 09/16/2025 (MT Newswires) -- Home values held steady in August as competition among buyers eased even as new listings hit a record low, according to a report released by Zillow ( ZG ) (Z, ZG) on Tuesday.

The typical US home value was little changed at $363,946 last month compared with the year-ago level, the real estate marketplace said.

"High housing costs continue to sideline prospective buyers, making it easier for those still in the hunt," according to the report. "Zillow's ( ZG ) market heat index shows the market is balanced between buyers and sellers nationwide, with less competition among buyers than in any August since 2018. As a result, home value appreciation has slowed to a standstill."

Home values climbed year over year in half of the 50 largest metro areas tracked by Zillow ( ZG ), led by Cleveland, while Tampa saw the biggest drop among those that saw declines.

New listings fell 3% annually and 7.3% sequentially, and were 22% lower than pre-pandemic levels.

"Homeowners have responded to buyers' caution by pushing pause on listing plans," the report said. "New listings from sellers reached a record low for August in Zillow ( ZG ) records, and the 7.3% month-over-month drop in new listings is steeper than normal for this time of year."

The slowdown in new listing plans resulted in a 1.3% drop in overall inventory levels from the July peak, according to the report.

Homes were selling at a slower pace, with the typical time for homes that went under contract in a month rising by a week compared to last year.

Price: 88.50, Change: +1.38, Percent Change: +1.58