When is the Best Time to Buy a Home?

Mark your calendars—the first week of October is the best time of the year to buy a home, according to a report by Realtor.com

The week of October 3-9 offers a balanced mix of market conditions that generally favors buyers nationwide over every other week of the year. This is due to increased inventory, below-peak prices, lower demand and less competition, where the pace of the market slows to a more manageable speed.

This seasonal slowdown is driven in part by the school schedule. Typical housing market activity begins in earnest in spring and peaks in summer. Then as the year transitions to fall and more families bow out due to the school schedule, demand wanes, and prices dip to post-peak levels as leftover inventory stays on the market, leaving the start of October to be the sweet spot for buyers who can capitalize on that confluence of factors to have a wider variety of options at a more reasonable price. 

While the beginning of fall is the best time to buy a home nationally, it differs for individual housing marketings.

In Phoenix, the best week to buy is January 10-16, while the week of September 12-18 is the best time to buy for Boston, Denver, Detroit, Los Angeles, Minneapolis, New York City, and Portland metropolitan areas.

 Here is the best time to buy a house for the top 50 largest metro areas:

Read the full report here.

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