Weekly Real Estate News
A new data analysis of 2024 home selling by Zillow (NASDAQ: Z, ZG) found that properties listed in the last two weeks of May sold for 1.6% more, a $5,600 boost on a typical home.
Zillow attributed this bump to the traditional peak in search activity ahead of Memorial Day, when buyers focus on property purchasing before their summer vacation and the new school year in the fall. However, Zillow noted the best time for listings varies among markets, falling as early as the second half of March for San Diego and Austin, and as late as the second half of November in Phoenix.
Furthermore, sale price premiums associated with homes listed during peak periods also vary by market. Zillow noted that San Jose sellers who listed their home for sale in the second half of March enjoyed 5.3% more than any other time of year – an additional $93,200 on a typical Silicon Valley home – but Orlando homes only sold for 0.9% more during its peak period in early May.
“In the past few years, mortgage rate fluctuations upended the traditional spring home shopping season,” said Orphe Divounguy, a senior economist at Zillow. “Buyers who are on the edge of qualifying for a loan jump in and out of the market depending on what’s happening with rates. When rates fall, more buyers rush in, putting upward pressure on prices, which could happen at any time of year. ”
