NOW is house-hunting season. Why now? Because between October and December each year, starter home inventory in the US gets a 7% boost, according to new data from Trulia.
In 70 of the 100 largest US metros, the number of starter homes on the market reaches its annual peak during this time, meaning those looking to buy their first home will have more to choose from this time of year.
Typically the number of homes available for first-time buyers in the US falls between July and September, when trade-up and premium home inventory is at its peak.
Since 2012, starter home inventories in the summer months have declined by as much as 20.4%, driving prices up and rendering homeownership unattainable for many young Americans.
Starter home inventory peaks in fall, but the best time to buy a home can be in the winter.
Though starter home listings begin to increase and reach a peak during the fall, buyers looking for their first home will find better deals by waiting to make an offer until after the holidays. By the time January rolls around, according to Trulia, prices for all categories of homes drop to their lowest prices.