- The week of September 29 through October 5 is the best time to buy a home, Realtor.com said.
- Homebuyers can save $14,000 compared to the summer median home price.
- Realtor.com cited lower competition and higher inventory in the post-summer period.
Temperatures are cooling, but the year's hottest housing deals are still ahead. According to a new report from Realtor.com, the best week of the year to buy a home is just around the corner.
Prospective homeowners who buy between September 29 and October 5 could save as much as $14,000 compared to the summer's median home price of $445,000, Realtor.com data showed.
This standout period is the result of a combination of factors. In the past, during the week in question, market activity has slowed, competition has eased, and for-sale listings have picked up meaningfully.
The seasonal cooldown partially results from school-time schedules and shifting weather, as home showings lose their summertime appeal. Competition also subsides, with buyers typically returning in early spring.
Realtor.com said that demand historically falls 29.5% below its annual peak and 14% lower than the average week. Homebuyers might expect even less demand this year as trends return to pre-pandemic levels.
Meanwhile, the firm added that inventory often peaks in early fall, just weeks after the October 5 period. In 2024, supply will likely reach its highest level since the COVID era, it noted.
Compared to the average week, there are typically 14% more active listings during the best week, and 37% more compared with the year's start, Realtor.com said. But given this summer's unique pullback in demand, these figures may reach even higher this year.
2024's best week is distinct for another reason: mortgage rates are falling. The weekly 30-year fixed mortgage rate now stands at 6.35%, having once touched 7% highs.
That's as the Federal Reserve is expected to cut interest rates in mid-September, helping easing borrowing costs in the housing market.
Realtor.com anticipates that this will ease affordability concerns for homebuyers, but it could also signify higher competition. In markets where elevated mortgage costs have priced out consumers, easing rates revive competition and defy seasonal norms.
Of course, much of this varies regionally, and the best week to buy can come at a different date per metro. According to the report, New York, Boston, Washington DC, and Philadelphia lead the national best week, while Los Angeles and Houston experience the trend later in the fall.