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Home buyers may find more opportunities with a greater number of listings for sale and may be able to snag better housing deals this month. A new analysis from ATTOM Data Solutions shows that October is the best month of the year to buy a home.
Buyers who close in October tend to get better deals compared with those who purchase during the spring buying season. Homes tend to fetch lower premiums than other months of the year. For example, buyers may see a 2.9% premium on listings compared to 11.5% in May, according to the study, which reflects more than 33 million single-family home and condo sales over the last eight years.
The cooler months—November and December—also offer the best times of year to buy a home, researchers found.
Best Days to Buy
Researchers also pinpointed dates when home buyers historically tend to snag the lowest premiums on real estate. Those dates are:
- Dec. 5: averages a 1.6% premium
- Dec. 26: 2% premium
- Jan. 6: 2.2% premium
- Nov. 9: 2.3% premium
- Dec. 31: 2.4% premium
On the other hand, the highest premiums on home purchases are found on May 23 and May 27, both at 17.4%; May 20 at 16.6%; May 16 at 15.6%; and May 19 at 15.4%.