【Zillow】November Market Report and 2025 Market Trends in Review: Home Sellers Step Back, Despite Three-Year High in Affordability

• Sellers hunkered down — new listings declined 30% from October to November to return to seasonal averages. 
• Price cuts fell from near-record highs, on nearly 27% of listings in October, back to seasonal norms near 21%. 
• Mortgage payments as a share of median household income fell to 32.6%, the lowest since 2022. 

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