Between Sept. 12 and Oct. 17, the majority of housing markets nationwide will reach their “sweet spot” with a higher number of homes for sale, lower prices, and less buyer competition compared with the average week of the year, according to realtor.com®’s Best Time to Buy Report.
This week kicks off the best time of year particularly for home shoppers in New York City, Los Angeles, Boston, Denver, Detroit, Minneapolis, and Portland, Ore., the survey found.
Overall, house hunters who purchase a home between Sept. 12 and Oct. 17 will see, on average, 31% more listings than a more typical week of the year. They’ll have more than 100,000 new listings to choose from nationwide, realtor.com® said. They are also likely to face less competition. They also could see prices recede somewhat, by as much as $10,000 below their seasonal highs.
“Home prices peaked in the summer, and new listings continue to come on the market helping slow the pace of sales—which is good news for home buyers,” said Danielle Hale, realtor.com®’s chief economist. “As families across the country focus on getting back into school routines, there are fewer buyers in the market, creating a great opportunity especially for first-time home buyers to make a purchase with somewhat less competition.”