As the summer winds down, homeowners typically slow their plans to sell, resulting in fewer homes on the market during the fall. This year, however, something unexpected happened: mortgage rates dipped just as the market usually starts to cool, leading to more homeowners deciding to sell.
According to the latest data from Realtor.com, the number of homes listed for sale in September increased by 11.6% compared to the same time last year. This unseasonal rise, shown in the graph below, reflects a departure from the typical September trend.
What Sparked the Increase in Listings?
Ralph McLaughlin, Senior Economist at Realtor.com, attributes this unusual uptick to falling mortgage rates:
“This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.”
As rates eased at the end of the summer, more homeowners saw an opportunity to jump into the market and make their move.
What Does This Mean If You’re Looking to Buy a Home?
For buyers, this translates to more fresh options on the market—new listings, not the homes that have been lingering unsold. However, keep in mind that mortgage rates have been volatile lately, ticking up slightly in recent weeks. This could influence the number of people willing to sell in the coming months, as many homeowner decisions are tied directly to rate fluctuations.
Why Buy Now Instead of Waiting?
If you’re in the market for a home—whether it’s a starter, an upgrade, or downsizing—you have a broader selection right now. But these new listings won’t last forever. Staying on top of your local market with the help of a trusted agent can ensure you don’t miss out on the best opportunities.
It’s important to remember that one month’s data doesn’t set a long-term trend. Whether more homeowners continue to list their homes depends on factors like mortgage rates, inflation, employment, and decisions from the Federal Reserve. That’s why it might be the right time to act while inventory is up and fresh options are available.
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.”
With mortgage rates having dipped at the end of summer, more sellers have entered the market, giving buyers a wider range of choices. To make the most of these opportunities, connect with a local real estate agent who can help you navigate the market and find your ideal home before these fresh listings are gone.
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