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 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, 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 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
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