Get Ready: The Best Week of the Year To Buy a Home Is Coming Up

By
Elizabeth Guevara
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Elizabeth Guevara is a journalist working to explain the world of business and economics and how it impacts your finances. She joined Investopedia in 2024 as a breaking news writer covering personal finance
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Published September 10, 2024
03:06 PM EDT
A for sale sign is displayed outside of a home for sale A for sale sign is displayed outside of a home for sale

Patrick T. Fallon / AFP via Getty Images

Key Takeaways

  • Historical trends show that home prices will fall and there will be more options available during the week of Sept. 29 - Oct. 5.
  • The end of September and the following two weeks may bring many buyers back to the market after being priced out by high mortgage rates.
  • As mortgage rates fall, more homeowners have felt encouraged to list their houses. Increased inventory has lessened competition in the housing market, possibly lowering prices.

The best time to buy a home is rapidly approaching, according to a report released Tuesday.

Realtor.com found that the week of Sept. 29 through Oct. 5 is the optimal time to buy a home this year. The real estate website said home shoppers could save more than $14,000 during that week and that the following two weeks would be nearly as good for buyers. Researchers said a slower market pace, more listings, and less competition will give buyers the advantage.

For about two years, high interest rates have gridlocked the housing market. Many homeowners have been reluctant to sell their homes and give up low mortgage rates, decreasing inventory and pushing prices to unaffordable levels.

Potential homebuyers may be able to get off the sidelines at the end of September and into early October, Realtor.com said. Based on historical trends, the first week of October will likely see 37% more active listings than the beginning of the year.

Combined with the continuing drops in mortgage rates, the best week of the year could kick off a trend of better affordability for buyers.

Mortgage Rates and Prices Are Falling

According to calculations by Freddie Mac, the average interest on a 30-year, fixed-rate mortgage has been moving downward since May and has decreased for the past three weeks in a row.

As mortgage rates have fallen, more homeowners are willing to list their homes, and for-sale inventory has climbed over the past year. According to Realtor.com, there were 35.8% more homes for sale in August than at the same time last year.

Previously, home buyers fought for the few homes on the market, driving home prices up by more than 36% since July 2019. However, prices have been easing; the median price of homes for sale in August decreased by 1.3% compared with last year.

These trends are likely to continue. As the Federal Reserve eyes a cut to its influential fed funds rate, many economists expect that new-mortgage and refinance rates will follow suit and decrease even more.

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  1. Realtor.com "The Best Time To Buy a Home Is the Week of Sept. 29 - Oct. 5."

  2. Freddie Mac. "Mortgage Rates."

  3. Realtor.com. "August 2024 Monthly Housing Market Trends Report."