As summer wraps up, homeowners often slow down their moving plans, leading to fewer homes for sale in the fall—a predictable seasonal trend in real estate. But this year brought a twist: as mortgage rates dipped, the usual fall decline in new listings took a surprising turn. Instead of seeing fewer homes for sale, more homeowners jumped into the market. According to recent data from Realtor.com, the number of homes listed in September increased by 11.6% compared to last year. Typically, the market cools off at this time of year, but this year saw an uptick in new listings.
Ralph McLaughlin, Senior Economist at Realtor.com, offers insight into this unusual trend:
“This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.”
With mortgage rates easing in late summer, many homeowners saw an opportunity to sell, leading to a surge in new listings.
What Does This Mean for Homebuyers?
For potential buyers, this increase means more fresh options than what’s typically available in the fall market—no more sifting through homes that have been sitting for months. Now is a great time to explore what’s newly listed and find the right fit. However, it’s essential to keep in mind that mortgage rates have been fluctuating lately. Recent slight increases could make some homeowners hesitant to sell in the coming months. In today’s real estate market, mortgage rates play a crucial role in shaping selling decisions.
Why Buy Now Instead of Waiting?
Whether you’re looking for a starter home, planning an upgrade, or ready to downsize, there are more homes to choose from right now than in previous months. But these new listings won’t last forever. Staying on top of the local inventory with the guidance of a trusted real estate agent is key to finding your next home before it’s gone. It’s also important to remember that one month doesn’t create a lasting trend. Whether more homes continue to come to market will depend on the direction of mortgage rates and broader economic factors like inflation, job growth, and decisions by the Federal Reserve.
Act Now for More Choices This Fall
If you’ve been waiting for the right time to buy, this could be your moment. With more homes hitting the market and more favorable pricing, buyers are in a better position than they’ve been in for months.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices.”
So, as sellers return to the market, now is your chance to explore the new listings before they get scooped up.
Let’s connect today to ensure you have a trusted advisor by your side, ready to help you navigate this unique fall market and find your dream home.
