So far, 2022 has been a tough year for homebuyers. The lack of available housing has caused the prices of homes on the market to skyrocket. Even traditionally affordable cities and regions have become unaffordable for many. actual, August median list price $435,000, an increase of 14%. From August 2021.
Homebuyers took another hit this spring when mortgage rates rose. But the good news is that the tide seems to be changing (albeit slowly).For example, the number of homes sold is 87.3% up in August compared to what was available at the beginning of 2022.
We use these and other data to: Analyst at Realtor.com We identified what they thought would be the best week of the year to buy a new home. Here’s what you should know:
Best Weeks of 2022 to Buy a New Home
People looking to buy a home today are likely to find the best options and prices during the week from Sept. 25 to Oct. 1, one research firm said. Report from Realtor.com.
“Typically, the early fall is when there are fewer buyers,” an economic data analyst from the company explained in a statement. “There are also more homes on the market, and the housing market is generally calming down from the summer rush.”
Specifically, there are traditionally about 8.4% more homes for sale at this time of year, with properties typically priced an average of around $20,000 less than usual.
What makes this week stand out
So, how did the real estate site land on that week? Analysts looked at data including home list prices, the number of homes for sale, the number of new listings to go on the market, days on the market, views of properties on Realtor.com, and price reductions in 2018, 2019, and 2021. (Figures from 2020 were left out because of the extreme disruptions to the housing market caused during the first year of the COVID-19 pandemic.)