Historically speaking, September has been known as the “best time to buy a house.” This is because the hot summer real estate market tends to cool off after Labor Day when schools are back and vacations are over. Fewer people house hunting leads to pricing declines, and discounted prices abound.
Not so in the 2020 post-COVID-19 pandemic housing market.
According to Realtor.com’s September Housing Report, homes sold faster in September than in August, which is typically not the case. There are usually more homes for sale in September and less competition from other buyers as more people look to get settled prior to the school year starting.
This year, an active summer spilled over into fall, extending the buying season. Buyers continuing to pay more for homes as they faced bigger competition than at the beginning of the year.
Across the nation, housing inventory decreased 39.0% over 2019 in September. This was a faster rate of decline than the 36.4% drop in August. In total, 529,000 fewer homes were for sale compared to September of last year.