The best week of the year to buy a home is coming up

Temperatures are cooling, but the year’s hottest housing deals are still ahead. A new report from Realtor.com suggests the best week of the year to buy a home is just around the corner.

Realtor.com said prospective homeowners who buy between September 29 and October 5 could save as much as $14,000 from the summer’s median home price of $445,000.

It said that in this week in the past, market activity has slowed, competition has eased, and for-sale listings have picked up meaningfully.

The seasonal cooldown partially results from school schedules and shifting weather, as home showings lose their summertime appeal. Competition also subsides, with buyers typically returning in early spring.

Realtor.com said that demand in this week has historically fallen by 29.5% from its annual peak and by 14% from the average week. Homebuyers might expect even less demand this year as it returns to pre-pandemic levels.

The firm added that inventory often peaks in early fall, shortly after the week. It predicted that this year supply would reach its highest level since the pandemic.

Realtor.com said that while the best week typically has 14% more active listings than an average week and 37% more than the year’s start, given this summer’s pullback in demand, these figures may be even higher this year.

2024’s best week is distinct for another reason: Mortgage rates are falling. The weekly 30-year fixed mortgage rate, having once touched 7%, stands at 6.35%.

The Federal Reserve is expected to cut interest rates in mid-September, which would help ease borrowing costs in the housing market.

Realtor.com anticipates that this will address affordability concerns for homebuyers but may also signify higher competition. In markets where elevated mortgage costs have priced out consumers, lower rates can revive competition and defy seasonal norms.

Much of this varies regionally, and the best week to buy can come at different dates in different metros. Realtor.com said New York, Boston, Washington DC, and Philadelphia led the national best week, while Los Angeles and Houston tended to experience the phenomenon later in the fall.