Zillow September Report: Newly Pending Sales Fall 8.5% as LA Typical Value Slips to $952,830

Housing activity cooled early this fall, according to Zillow's September market report. Existing-home sales in its preliminary nowcast were 2.5% lower than a year earlier nationally, and newly pending sales - a forward look at future closings - fell 8.5% year over year and 11.2% from August.

Rates were the main driver cited in the report. Mortgages ended September at 7.28% in Freddie Mac data, the highest since November 2023, and Zillow said the typical monthly mortgage payment was 6.7% higher than a year ago even though national home values were up only 1% over the year. The typical U.S. home value was $366,913, down 0.5% for the month.

For Los Angeles, Zillow put the typical home value at $952,830, down 0.5% month over month and up 1.3% year over year. Inventory in the metro was up 0.5% year over year, its sales count nowcast was down 5.2%, and the typical rent was $2,929, up 0.2% for the month and 1.8% for the year.

Nationally, inventory was 2.5% higher than a year earlier at 1.39 million homes for sale, new listings were up 0.4% year over year, homes took a median 29 days to go pending, and 27.4% of listings had a price cut in September. Rent growth nationally was 2.7% year over year to $1,932, which Zillow described as the biggest annual gain since April 2025.

For South Bay readers, the LA figures line up with the local tape: values are holding roughly flat to slightly up for the year, but pending activity is falling faster than closed sales because September closings still reflected deals struck when rates were lower. If rates stay in the mid-7s, Zillow expects sales to remain below last year's pace through the fourth quarter.

Source: Zillow via PR Newswire, Sept. Market Report - https://www.prnewswire.com/news-releases/zillows-september-market-report-shows-an-early-winter-in-the-housing-market-as-newly-pending-sales-fall-8-5-302899267.html

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