Rates rose. Uncertainty persisted. Buyers moved anyway.

If you've been watching the housing market this spring, you might feel like you're seeing two different stories. Headlines are full of uncertainty — rising mortgage rates, inflation worries, geopolitical tension. 

But in many markets, something else is happening: Buyers are showing up. More than 281,000 homes went under contract in March — the second-highest monthly total since August 2022. Newly pending sales jumped nearly 30% from the prior month — the strongest March surge since 2021. 

And daily views per listing on Zillow were up 32% compared to last year, a sign that potential shoppers are engaged. Nationally, for-sale inventory is also up from a year ago. Because the metric divides total views on Zillow by the number of listings, an increase in inventory alone — without more actual browsing — would lower views per listing. 

Taken together, these stats show a market that remains resilient despite the broader economic uncertainty. Here's what that means for buyers and sellers right now.

Why demand is resilient

Mortgage rates climbed back up to 6.4% in March, but they're still lower than a year ago. The typical monthly payment is down 4.4% from last spring. Despite the recent surge in oil and gas prices, affordability remains somewhat improved from a year ago.

Improved housing affordability combined with three years of pent-up demand are giving buyers enough reason to act, even if the broader economic uncertainty makes them nervous.

"Housing activity is matching last year's pace, despite everything going on in the world,” says Zillow Senior Economist Orphe Divounguy. "Sales should still show a modest improvement this year, so long as the recent oil price shock dissipates quickly, inflation concerns ease, and the labor market does not weaken further.”

10 Markets where sales activity is accelerating

Newly pending listings are homes that just went under contract — while not every pending sale becomes a closed sale, an increase in the number of homes under contract is one of the best real-time signals of whether buyers are actually taking action. These 10 markets saw the largest increases in newly pending sales since last March.

1. Boston

Buyers in Boston aren't waiting around. Newly pending listings were up 32.2% from this time last year — the biggest jump of any top-50 metro. Inventory grew too, up 6.8% helping to moderate home values. Home values rose just 1.7%. If you're a seller here, homes are still moving fast. If you're a buyer, be ready to choose and move decisively.

2. Milwaukee

More homes hit the market in Milwaukee — new listings are up 15.3% year-over-year and total inventory is up 12% from a year ago — and buyers are still snapping them up. Newly pending sales jumped 24.1%, and home values climbed 5.7% from a year ago. Buyers here have more to choose from, but Milwaukee remains a strong sellers market. Homes that sold went pending in just 13 days, 3 fewer days than a year ago.

3. New Orleans

What's notable about New Orleans is that newly pending listings increased 21.6% year-over-year without a big surge in supply. New listings are up just 5% from a year ago and inventory is up just 3.9%. Without a big increase in inventory, home values are still rising relatively faster than in many other markets. 

4. Raleigh

Raleigh tells two stories at once, and both are good news for buyers. Newly pending sales climbed 19.9% year-over-year. Fresh supply, in the form of new listings, is also on the rise, up 12.6% from a year ago. The number of existing homes for sale is up 26% from last year, helping to bring home values down 2.1%.  Buyers showing up now have more options and a bit more pricing leverage than in most other metros on this list.

5. Salt Lake City

Newly pending sales here jumped 15.7% year-over-year, inventory is up 10%, and home values ticked up 1.5%. Rents were slightly lower than a year ago. It's a market where supply has grown enough to support more sales, but sellers still have the upper hand.

6. Louisville

Inventory here surged 23.4% while newly pending sales mounted 14.9% year-over-year. Home values are up 2.4%. Buyers have real choice here and homes are taking 6 days longer to sell when compared to a year ago. Price growth is expected to ease further, so sellers who price right and present well will be the ones getting all the offers. 

7. Richmond

Conditions in Richmond suggest its market is waking up and new sellers are now outpacing buyers. Newly pending sales increased 13.4% and new listings are up 15.4% over the past year. With more sellers than buyers, inventory grew 10.3%. More inventory to choose from is good news for potential buyers because Richmond remains a tight market with homes going pending in just 6 days — unchanged from a year ago. 

8. Phoenix

Phoenix has already been through its cooldown. Now buyers are coming back. Newly pending sales climbed 10.6%. The decline in home values over the past year has helped to improve housing affordability. At the same time, inventory is up 4.6%. More options to choose from and improvements in affordability are good news for buyers. Phoenix remains a neutral market. But with sales outpacing new listings, sellers could end up back in the driver seat.

9. Miami

Miami is an outlier on this list. Newly pending sales rose 10.4%, and inventory actually fell 8.4%. This is because there aren’t many fresh listings coming on the market. Slowing population growth keeps buyers in the driver seat in Miami. However a persistent lack of inventory could change things up quickly.

10. Birmingham, AL

Birmingham rounds out the list with a steady, balanced picture. Newly pending sales grew 9.4%, new listings were up 10.7% and inventory rose 12.1% from a year ago. More homes are available, and more are going under contract. That kind of balance tends to reward buyers who are prepared and sellers who price for today's conditions.

What buyers need to know this spring

If you're ready to buy this spring, the data says you're stepping into a more active market — but not a frantic one. The typical home went under contract in 19 days in March, and some markets are moving faster than others. So when you find the right place, be ready to move. But you also have a bit more room than in recent years: inventory is up, and nearly one in four listings has had a price cut.

The most useful thing you can do right now is know your numbers. Zillow’s BuyAbility tool shows what you can actually afford at today's rates and flags listings that fit. Listings on Zillow also highlight down payment assistance programs you may qualify for in your area.

What sellers need to know this spring

Buyers are showing selective demand this spring. The typical home still went pending in 19 days, yet nearly one in four listings had a price cut. 

What this means for sellers is that desirable homes are selling quickly and other homes are sitting on the market for longer.  Realistic pricing and thoughtful presentation are doing lots of work right now.

Getting your pricing right is crucial. Your agent can pull recent comparable sales and help you set a price that reflects what buyers in your area can actually afford today. Zillow research shows that homes listed in late May tend to sell for about 1.7% more — roughly $6,000 on a typical home. 

Use the weeks ahead to prep photos, make repairs, and talk to your agent about Zillow Preview, which lets you gauge real buyer interest before your listing goes fully active. 

The right price, the right prep, and the widest possible exposure. That's what turns today's demand into an offer.