With month-over-month declining prices and increased time on market, the September housing market has transitioned into a buyer’s market, according to realtor.com®’s ‘Advance Read of September Trends.’ This means that it’s now easier for buyers to purchase a home than it has been any time so far this year.
“The spring and summer home-buying seasons were especially tough on potential buyers this year with increasing prices and limited supply,” says Jonathan Smoke, chief economist for realtor.com®. “Buyers who are open to a fall or winter purchase should find some relief with lower prices and less competition from other buyers. However, year-over-year comparisons show that fall buyers will have it tougher than last year as the housing market continues to show improvement.”
Housing demand is in its seasonally weaker period, and as a result, median list prices are continuing to decline from July’s peak. Likewise, inventory has also peaked for 2015, so buyers will see fewer choices through the end of the year.
According to realtor.com®’s ‘Advance Read of September Trends,’ which draws on residential inventory and demand trends over the first three weeks of the month:
- The national median list price is $230,000, down 1 percent over August and up 6 percent year-over-year.
- The median age of inventory is now 80 days, up 6.7 percent from August, but down 5 percent year-over-year, reflecting the seasonal trend for fall listings to stay longer on the market as the day becomes shorter.
- Listings inventory will likely end the month down 0.5 percent from August.
For more information, visit www.realtor.com.