Despite Inventory Rise, Homebuyers Remain Cautious This Fall

This fall, potential homebuyers have more options, thanks to an uptick in housing inventory. However, the increased selection hasn't sparked a buying frenzy. In fact, existing-home sales dipped by 1% in September and are down 3.5% from this time last year, according to the National Association of REALTORS®. With economic uncertainties and lingering concerns over high mortgage rates, buyers are approaching the market with caution.

Yet, there may be reasons for optimism. Moderating home prices combined with improving wage growth are subtly enhancing affordability, potentially creating a window of opportunity for prospective buyers. Some experts believe these factors could entice more buyers back into the market as affordability improves, though patience remains key.

For those considering a purchase, this season’s increased inventory and gradual affordability improvements could present a unique chance to secure a home before the market heats up again. Buyers who stay informed and wait for the right moment may find a favorable path forward, even in today’s challenging landscape.

Courtesy of NAR