Press release
Realtor.com® Monthly Housing Report: September is No Longer the Best Time to Buy a Home
Homes sold faster in September than in August for the first time since 2016 - The number of homes on the market is down 39% year-over-year in September
About this update from News Corporation
[{"type":"text","content":"Homes sold faster in September than in August for the first time since 2016\n - The number of homes on the market is down 39% year-over-year in September equating to 529,000 fewer home listings\n - Homes sold 12 days faster than last year and three days faster than last month\n - Median home price was $350,000, up 11.1% year-over-year\n\n\n SANTA CLARA, Calif., Oct. 1, 2020 /PRNewswire/ -- September is typically the best time of year to buy a home because there are usually more homes for sale, less competition from other buyers, and lower home prices -- but that is not the case this year, according to realtor.com®'s September Monthly Housing Trends Report. Instead, a pandemic-fueled buying spree has led to an unusually competitive fall homebuying season where typical buyers are paying roughly $20,000 more for a home and face 25% more competition than at the start of the year. \n\"Many buyers tend to put their home search on hold after the start of the school year, but remote learning and the desire for more space continued to fuel buyer interest in September,\" said Danielle Hale, chief economist, realtor.com®. \"Unseasonably high buyer interest coupled with historically low inventory and favorable mortgage rates are creating a perfect storm in the housing market. While this is good news for anyone looking to sell their home, it has created tremendous competition among buyers.\"\nSeptember is not the best time to buy in 2020 \nLast year the best time to buy a home was the week of Sept. 22-28 and if 2020 was following the same pattern, it would have been Sept. 20-26. During this week, the housing market has typically cooled down, but this year:\nListings are down 21% compared to the start of the year. Typically, there are 17% more homes available in September than at the start of the year. Homes cost about $20,000 more than expected. Home prices are usually up about 10% in September, but this year they are up 17% compared to the start of the year. Homes are selling 12 days faster than expected. Homes usually sell 25% faster than the start of the year, but in 2020 they sold 39% faster. There are 25% more buyers in the market compared to the start of the year. Usually, there are only 9% more buyers in the market compared to the start of the year.Homes sold faster in September than August for the first time since 2016\nThe typical h...