12:45 PM EDT, 10/20/2025 (MT Newswires) -- US housing market activity was "unseasonably resilient" in September following a lackluster August amid a drop in mortgage rates and a stock market boost, Zillow Group ( ZG ) (Z, ZG) said Monday.

New listings decreased 2% on a sequential basis last month after having fallen by 9% on average for the same month over the last seven years, according to the real estate marketplace's latest housing market report. On an annual basis, new listings rebounded to growth of 3.3% in September, compared with a 3% decline the previous month.

Pending sales fell 5.4% on a monthly basis, reflecting a smaller drop than usual for this time of the year and less than half the typical monthly decline for September, Zillow ( ZG ) said. New pending listings increased 6.4% versus last year.

"September's market showed surprising stamina," Zillow ( ZG ) Senior Economist Kara Ng said. "Typically, both buyers and sellers step back this time of year, but lower mortgage rates and stock market highs provided a second wind heading into fall."

Overall inventory, or the number of listings active at any time during the month, fell 1% sequentially in September, but gained 14% on a yearly basis.

The number of buyer's markets increased to 15 from six a year earlier amid easing competition. Miami, New Orleans, Austin, Jacksonville and Indianapolis are among some of the strongest buyer's markets, largely due to a surge in new construction in most of these areas in recent years. The strongest sellers markets were Buffalo, Hartford, San Jose, San Francisco, and New York, according to the report.

"This time of year can be a sweet spot for buyers. There's often less competition than in the spring and more time to make sure the home's a perfect fit," Ng said. "Sellers who stay in the market into the holidays may be more open to negotiating."

On Friday, Zillow ( ZG ) said rental affordability in the US reached a four-year high in September amid subdued growth in rates and an increase in apartment supply.

Price: 74.06, Change: +1.10, Percent Change: +1.51