BELOW SUPERNAV drop zone ⇩

What’s the best week of the year to buy a new house?

(Getty Images)

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

(NEXSTAR) — It turns out there’s not only best market times to buy a new house, there is apparently one specific week prospective homebuyers should look out for. Reator.com calls it “the very best time of the year” for buyers.

Mark it on your calendar: Sept. 25 through Oct. 1. Realtor says there are typically about 8.4% more homes for sale nationally during these dates — even better, they’re typically priced $20,000 lower than usual.

“The best time to purchase a home is the last week of September, because that’s historically when the market is most hospitable to buyers,” said Realtor.com economic data analyst Hannah Jones. “Typically, the early fall is when there are fewer buyers. There are also more homes on the market, and the housing market is generally calming down from the summer rush.”

Realtor says it used a number of criteria to determine the “best” week, including home list prices, the number of homes for sale and days homes stayed on the market. Data from 2018-19 and 2021 were used. Analysts skipped 2020 due to the unusual market conditions amid the COVID-19 pandemic.

While 2020 was a great time for buyers, so far, 2022 has been a rough time to find a new home. A national streak of rising inflation through the spring and summer, in addition to decreased demand for homes, resulted in record home listing prices.

Realtor says the median list price for a home as of August 2022 was $435,000 — that’s about 14% higher than August 2021. In July, the median listing price was $449,000, which is 16.6% higher than last July, Realtor reports.

Back in June, Redfin reported the median sale price for a home was $428,400, an 11.2% increase since the same time last year. While summer prices may not look great for prospective buyers, Redfin market analyst Tim Ellis said June’s numbers were the smallest year-over-year increase “in nearly two years.”

Market cooling is also affirmed by Realtor economic data manager Sabrina Speianu and chief economist Danielle Hale. In an August report, the pair wrote: “August housing data reveals that listing prices decelerated for the third month in a row, as more sellers hit pause on listing homes and homes for sale spent more time on the market than last August. While fewer new listings are entering the market, overall inventory continues to grow, providing more choice to buyers who are still shopping for a home.”

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Clear

la

58°F Clear Feels like 58°
Wind
6 mph WNW
Humidity
50%
Sunrise
Sunset

Tonight

Clear skies. Low 49F. Winds NNW at 5 to 10 mph.
49°F Clear skies. Low 49F. Winds NNW at 5 to 10 mph.
Wind
8 mph NNW
Precip
0%
Sunset
Moon Phase
Full Moon