The ideal time to purchase a home in 2024 is approaching quickly, according to a new report from Realtor.com. The real estate website identified the week of September 29 to October 5 as the best opportunity for buyers, with potential savings of over $14,000. The following two weeks are also expected to be favorable, with more listings, slower market activity, and reduced competition providing an edge to prospective homebuyers.
For the past two years, high mortgage rates have slowed the housing market, with many homeowners hesitant to sell and give up their low-rate mortgages. This has limited inventory and pushed home prices to levels that many find unaffordable.
However, by the end of September and into early October, conditions could shift. Realtor.com predicts that the first week of October will see 37% more active listings compared to the start of the year, offering potential buyers a wider selection.
Along with increasing inventory, mortgage rates have been trending downward. The average rate for a 30-year fixed mortgage has been steadily declining since May, according to data from Freddie Mac. As a result, more homeowners are willing to list their homes, with inventory in August up 35.8% compared to the same time last year.
While home prices surged by over 36% from July 2019, they are beginning to ease. In August, the median home price fell by 1.3% compared to the previous year, suggesting that a more favorable market for buyers could be emerging just as mortgage rates continue to decrease.
