The spring homebuying rush may have shifted to later this year, at least in some markets, according to new analysis from Zillow.
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As mortgage rates continue to influence consumer behavior, new data from Zillow suggests the spring homebuying peak may have shifted to later in the year.
Zillo analyze The 2023 Home Sales Report released Thursday found that homes listed in June sold for $7,700 more, or 2.3% more than homes listed at other times of the year. The most profitable time of year to list a home is a full month later than it was in 2019, a trend Zillow experts attribute to rising mortgage rates.
“The old logic was that sellers could earn a premium by listing in late spring, when search activity peaked, and their homes would be at the top of listings. Now, as inventory continues to be low, mortgage rate volatility is also It creates seasonality,” said Zillow chief economist Skylar Olsen. “First-time homebuyers on the edge of qualifying for home loans may be in and out of the market, depending on what happens to interest rates.
Zillow found that the best time of year varies by location and climate. In San Francisco, the best time to go public in 2023 is as early as February, while in New York, the latest is July. Between May and early July last year, 30 of the 35 largest U.S. cities had the highest prices for listings, according to Zillow data.
Price differences at different times of year also vary by city, Zillow found. While San Jose’s home sales increased by 5.5% (a $88,000 premium) during the hottest time of the year, San Antonio’s homes sold for a difference of only 1.9% during the same period.
“Most sellers don’t have the opportunity to time the market. The best time to list is when it makes the most sense in their lives,” Olson said. “Regardless of the month, homes listed for sale this spring can expect to generate a lot of interest if sellers market and price their homes appropriately.”
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