January isn’t thought of as being among the housing market’s hottest months for home buyers. Buyers are more likely to have their plans on hold in the middle of winter, while they wait to see what the spring market might have to offer. This year, though, January was good to buyers.
In fact, it actually broke records. How so? Well, according to one new analysis, it was the best January on record for home seller price cuts. Nearly 23 percent of home sellers lowered their price during the month, giving buyers a break on affordability conditions at a time when mortgage rates were at an eight-month high.
The number of cuts was the highest for any January since 2018 and joins a growing list of signs pointing to easing conditions this year. With price increases and mortgage rates expected to calm and new listings rising, home buyers can expect a more favorable market, whether they’re ready to buy today or waiting for spring.
[Source: PR Newswire]
