Housing market conditions are moving in favor of buyers as real estate experts see the home buying season shift away from a normally busy summertime into the fall.

With mortgage rates falling this year, the housing market may see more activity after facing a year of elevated mortgage rates and limited housing inventory. Easing borrowing costs may not only tempt buyers, but could potentially encourage more 'locked-in' homeowners to put their properties up for sale. 

澳洲幸运5官方开奖结果体彩网:Anticipated cuts to interest rates next week may drive down mortgage rates even further and more inventory coming to the market could have potential buyers busy house hunting in the coming months, Zillow reports.

“澳洲幸运5官方开奖结果体彩网:Affordability has improved substantially for homebuye💮rs, and competition among them could extend into the fall instead of fading away as is typical at this time of year,” ꧂the report said. 

Mortgage Rates Make Homes Affordable Again

Several factors were moving in 澳洲幸运5官方开奖结果体彩网:favor of homebuyers, starting with mortgage rates, which have moved low enough to make homeownership affordable again, the Zillow report found. After being over 7% in September of last year, mortgage rates have now 澳洲幸运5官方开奖结果体彩网:dropped close to a full perc🐎entage poi🍸nt.

"Late summer may be an opportunity for buyers who have been waiting in the wings for a monthly mortgage payment they can qualify for," said Skylar Olsen, chief economist at Zillow.

Borrowing costs have fallen enough nationally to cut $100 from the typical monthly home payment, down from pe🐻ak levels in May. Average payments are now less than one-third of the U.S. median household income, the report showed, meeting a widely-used definition of home affordability. 

More Homes On The Market

Another positive sign for potential homebuyers is 澳洲幸运5官方开奖结果体彩网:increased inventory, with 1.18 million homes now on the market—the most since September 2020. Also, 26% of the listings saw price cuts in Aug🀅ust which was relatively high for the fall season, the Zillow report noted.

“More inventory is becoming available— enough to improve buyer negotia𓄧ting power,” Olsen said.

There are opportunities for seller🐎s too, as well-marketed houses were selling at a relatively quick pace of 20 days, almost a week faster than fall sales in the pre-pandemic era. And a third of home sales in July went for higher than the asking price, Zillow reported.

Zillow isn't the only organization tracking improvements in the housing market. A recent report from Realtor.com forecast that the 澳洲幸运5官方开奖结果体彩网:week of Sept. 29 through Oct. 5 would be the best time to buy a house this year.