As summer wraps up, it’s common for homeowners to pause their moving plans, leading to fewer homes for sale during the fall. This year, however, the market took a different turn. With mortgage rates decreasing in late summer, more sellers entered the market than expected, leading to an 11.6% rise in new listings compared to the same time last year, according to Realtor.com.

Typically, listings decline in September, but the graph shows this year saw an increase. Ralph McLaughlin, Senior Economist at Realtor.com, explains, “This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.” As rates dropped, more sellers took advantage, adding fresh choices for prospective buyers.

What This Means for Buyers

If you’re looking to buy, this recent rise in listings offers a wider range of options than you may have seen in months. New listings provide fresh opportunities rather than the homes that have been sitting unsold. However, mortgage rates have been fluctuating recently, and if they rise, this increase in listings might slow down.

Why Buying Now Could Make Sense

With more homes to choose from right now, it’s a good time to consider buying if you’re ready to make a move. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), highlights, “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.”

One month’s data doesn’t establish a long-term trend, but for now, the additional options on the market may be ideal for anyone looking to buy this fall. Whether this inventory surge continues will depend on factors like mortgage rates, inflation, and economic trends. Staying informed with a trusted agent is key to taking advantage of these new options while they’re available.

Bottom Line

Late summer’s dip in rates brought more homes to market, giving buyers a broader selection right now. If you’re considering a purchase, let’s connect to discuss your options and make the most of this moment before these new listings get snapped up.