Home buyers in the United States have more time and options this fall, generally the “best time” to buy a property

As seasonality returns to the US real estate market, early fall has once again been seen as the best time to buy property.

Inventory levels rose 31% in the week ending Saturday compared to the same period a year ago, according to a report released Thursday by real estate agent.com.

“While the optimal time for homebuyers nationwide just passed last week, early fall is generally the best time to buy,” according to Danielle Hale, chief economist at Realtor.com.

The increase in supply is more likely the result of homes staying on the market longer, as new listings continued to fall year-over-year last week, down 15% in the week ending Saturday compared to a year ago.

“Homebuyers have more choices of homes for sale compared to the same time last year as inventory has steadily improved in recent weeks,” Ms. Hale said in the report. “Additionally, the slower seasonal rhythm and the rebalancing market allow homes to sit longer, giving buyers more time to find bargains and think about buying options before missing out.”

Indeed, homes stayed on the market seven days longer last week than at this point last year.

Meanwhile, prices rose 13.3% annually last week, the 41st consecutive week of double-digit price growth, according to the report.

“Buyers who have been looking for a while will notice that the pace of year-over-year growth has remained slow, a sign that prices are starting to adjust to the spike in mortgage rates that have hampered purchasing power. buyers,” Ms. Hale continued. , adding that “the September median list price was down $23,000 from June’s all-time high of $450,000.”

Despite the slowing pace of sales and increasing inventory, challenges remain, according to the report.

“Sellers continue to pull homes for sale from a year ago as mortgage rates remained more than double levels from a year ago,” Ms. Hale said. “While the labor market remains strong, buyer hesitation continues to spread as they face much higher costs for similar homes. With inflation remaining near a 40-year high and outpacing wage growth, buying a home will continue to present challenges for many.

Mansion Global is owned by Dow Jones. Dow Jones and Realtor.com are both owned by News Corp.

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