The housing market has a pattern to it. Typically, it starts to get busier in early spring and continues to build through the summer. But, then in fall, when the school year starts and the weather cools, the housing market slows down a bit. That’s why September is said to be the best month to buy a house. It has the higher inventory levels of the summer market but with fewer interested buyers and less competition.
This year, though, that’s changed. Like everything else, the coronavirus has thrown off the market’s typical pattern. In short, the busy summer market looks like it’s going to roll right into autumn. In fact, according to the National Association of Realtors’ consumer website, there are 25 percent more buyers in the market now than at the start of the year. By comparison, a normal September would see 9 percent more buyers. Danielle Hale, the site’s chief economist, says it’s a perfect storm.
“Many buyers tend to put their home search on hold after the start of the school year, but remote learning and the desire for more space continued to fuel buyer interest in September,” Hale said. “Unseasonably high buyer interest coupled with historically low inventory and favorable mortgage rates are creating a perfect storm in the housing market.” (source)