Buyers who close in October will get the best deal with a premium of 3.3%, compared to the spring buying season with a 10.5% premium, according to a new report from ATTOM released this week.
The report analyzes more than 39 million single family home and condo sales over the past nine years as evidence of the continuation of a hot sellers’ market.
Key highlights:
- November is the second best month for buying, with an overall premium of 3.7% and boasts the best day for buying with Nov. 28 at a premium of 1.1%.
- December is tied with November at an overall premium of 3.7%, and has many of the best days for buying: Dec. 5 with a 1.5% premium, Dec. 26 a 1.5% premium, Dec. 19 a 1.9% premium, Dec. 12 a 2.0% premium, and Dec. 24 a 2.0% premium.
- January, despite having an overall premium of 4.1%, has the second best day to buy with Jan. 9 seeing a 1.3% premium.
- The month of May has the highest rates, with an overall premium of 10.5% and the days of May 23, 20 and 27 offering over a 15% premium.
- The states realizing the biggest discounts below full market value were New Jersey (-3.9% in February); Maryland (-3.5% in January); Michigan (-3.3% in October); Illinois (-2.7% in October); and Connecticut (-2.4% in December).
Major takeaway:
“Apparently the old adage ‘Spring forward and Fall back’ applies not only to setting your clocks, but to home prices as well,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “Seasonality has always had an impact on home prices, which tend to weaken in the Fall and Winter months when there’s less buying activity. Savvy homebuyers can take advantage of those lower prices and less competition from other buyers once the leaves start to turn.”
For the full report, click here.
