The most buyer-friendly time of the year is just around the corner, giving hopeful homebuyers who sat on the sidelines the chance to jump back into the housing market.
The seven-day stretch from Sept. 20 through Oct. 9 offers the best market conditions for Americans hoping to become homeowners. That is according to experts at Realtor.com, who studied seasonal trends to determine the most buyer-friendly week in the US housing market.
Conditions That Make This the Best Season for Buyers
During these seven days, active listings are 37% more than recorded at the start of the year. There is 29.5% less competition from other buyers, which means less demand. This brings prices down and could potentially give buyers at least $14,000 in savings compared to when they buy homes at summer's peak price.
The report noted that these trends are not specific to 2024. Historically, these two weeks are the best season for buyers, partly because of school schedules. Families are typically more eager to move while schools are out for the summer, which drives more market activity and competition in the spring. This trend ends around Sept. 29 as schools start again.
Mortgage Rates Also Fell
In addition to the historical trend, mortgage rates have hit the lowest point in months. The contract rate for a 30-year mortgage loan settled at 6.09% in the week ending Sept. 19. That is 0.11% lower than last week and marks a 1.1% decline year-over-year.
In the same period, the contract rate for the 15-year mortgage loan also fell to 5.15%---0.12% lower than last week and 1.39% lower year-over-year, according to data from Freddie Mac.
"Recent easing in mortgage rates brought some much-sought relief to prospective homebuyers. Along with a general cooling in home price growth, rates falling below 6.5 percent made August the most affordable month for housing since February," Intercontinental Exchange Inc.'s Andy Walden told Inman.
It is important to note that some metro areas have different ideal buying weeks. In those areas, the best season for homebuyers ranged from Sept. 6 and Nov. 16, per the New York Post.
