Best Week of the Year to Buy a New Home
So far, 2022 has been a challenging year for homebuyers. The lack of affordable housing has led to a sharp increase in the prices of houses that do appear on the market. Even traditionally accessible cities and areas are now inaccessible to many people. In fact, the average list price in August was $435,000, up 14% from August 2021.
This spring, those who wanted to buy a house were dealt another blow when mortgage interest rates rose. But the good news is that things seem to be changing (albeit slowly) starting with new properties hitting the market. For example, the number of homes for sale in August increased by 87.3% compared to what was available at the beginning of 2022.
Using this and other data, Realtor.com analysts have determined which week they think will be the best week of the year to buy a new home. Here’s what you need to know.
The best week of 2022 to buy a new home
According to a report by Realtor.com , people who are currently looking to purchase a home are likely to find the best selection and prices during the week of September 25th to October 1st.
“There are usually fewer buyers in the early fall,” an economic data analyst for the company explained in a statement. “There are also more homes on the market and the housing market is generally calming down after the summer rush.”
Specifically, around 8.4% more homes are typically sold during this time of year, with property values typically averaging around $20,000 less than usual.
What’s special about this week
So how did the real estate site turn out that week? Analysts examined data including home prices, number of homes for sale, number of new listings listed on the market, days on the market, property views on Realtor.com, and price declines in 2018, 2019 and 2021. (Figures for 2020 have been omitted due to severe housing market disruptions caused during the first year of the COVID-19 pandemic.)