By: Judy Dutton | Realtor.com
Although the fall season is traditionally the best time of year to buy a house, homebuyers out there right now might not feel that way—and for good reason.
We looked at the latest real estate statistics in our column “How’s the Housing Market This Week?” We found that this year’s seasonal high point for buyers is up against some strong headwinds—including skyrocketing interest rates, soaring inflation, and overall economic volatility not seen since the Great Recession in 2008.
“Early fall is usually the best time to buy,” says Realtor.com® economist Jiayi Xu in her analysis, adding that the most optimal window of opportunity for homebuyers nationwide just passed last week.
However, she continues, “as inflation remains close to a 40-year high and outpaces wage growth, home purchasing will continue to present challenges for many. While the labor market remains strong, buyers’ hesitation continues to spread as they face much higher costs for similar homes.”
To help shed light on this odd contradiction in the housing market today, here’s how four key indicators stack up—interest rates, home prices, number of homes for sale, and time on the market—and what they mean for both homebuyers and sellers.