After a stretch of frenzied activity during the pandemic housing boom, buyer energy has cooled noticeably this fall. According to Zonda’s October 2025 Homebuyer Outlook, new-home shopper demand has fallen to its lowest level since 2022 — a sign that many households are hitting pause on their search while they wait for better conditions.
Across the nation’s top 50 new-home markets, online engagement in September 2025 on NewHomeSource.com — measured by “clicks” on individual listings — was down 58% from its 2022 peak and 16% lower than September 2024. Analysis indicates that ongoing affordability strain, higher monthly payments, and broader economic uncertainty are the primary reasons potential buyers are hesitant to proceed.
“Buyers are still interested — they’re just more cautious,” says Ali Wolf, chief economist at Zonda. “Many are waiting to see how mortgage rates and prices play out before re-entering the market.”
Regional Resilience and Renewed Optimism
Not every market is moving in the same direction. Zonda’s data shows California metros Riverside, Los Angeles, and Sacramento are seeing click activity recover to 2022 levels as rates trend slightly lower. Buyers in these high-cost regions appear ready to re-engage as financing conditions improve.
Meanwhile, Texas markets Dallas, Houston, and Austin continued to draw attention, ranking among the top 10 for online shopper activity in September — even as overall demand softened nationwide.
It’s worth noting, however, that clicks are not sales. Only Houston and Dallas broke the 1,000 sales mark in September 2025. Most markets, including those with high clicks, were in the 400-600 sales range.
What the Slowdown Means for Buyers
For consumers, a softer click index doesn’t necessarily spell bad news. In fact, it can mean more builder incentives, slightly longer listing times, and better chances to negotiate.
If you’re thinking about buying in late 2025, experts recommend getting pre-approved and watching rate trends closely. Builders, motivated to keep sales momentum, may offer closing-cost assistance or design upgrades to turn online browsers into buyers.
In the meantime, Wolf adds, patience can pay off: “The fundamentals of housing demand remain strong. The buyers who take time to understand their options today could find themselves in a great position when confidence returns.”
