REAL ESTATE

House Prices Are Poised to (Finally) Fall

By: Anneken Tappe · October 04, 2023 · Reading Time: 2 minutes

Cooling Prices

America’s red hot housing market has made it hard for prospective homebuyers to find the right assets. But there might be light at the end of the tunnel.

Home prices typically drop going into the colder months, following busy spring and summer seasons. But prices may fall more than normal this year, according to data from Zillow (Z).

The share of listings with a price cut climbed to 9.2% in mid-September, the highest level since last November. On top of that, August also saw a notable spike in new listings. These signs could mean sky-high prices are on their way back down to earth.

Fall Forecast

If you’re in the market for a home, the anticipated change in the housing market temperature might mean more negotiating power to secure a good price or upper hand in a bidding process.

Given the colder months of the year are less popular for homebuying, there could also be less competition.

Read on for what you need to know about off-season homebuying.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

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