Is It a Good Time to Buy a House?

• ❌ Economic uncertainty is (understandably) making some buyers hesitant to commit.
• ❌ Rising home prices and tight inventory make it tougher for buyers to find something they can afford.
• ✅ Despite recent jumps, mortgage rates are still lower than they were this time last year — helping buyers stretch their dollar further.
• ✅ Compared to last year, homes are sitting on the market a bit longer on average, giving buyers more time to make decisions and negotiate.

• Mortgage rates
• Inflation and the economy
• Inventory
• Home prices
• Home sales
• Competition 

Average weekly mortgage rates

• 📍 Right now: Mortgage rates today 
• 📈 Looking ahead: Mortgage interest rates forecast
• 🤔 Shopping around: How to get the best mortgage rate

• 🤔 Consider pausing: If your finances feel shaky — for example, you’re worried about job security or paying bills — it’s wise to hold off.
• 😌 Stay the course: If your income is steady and your budget says the numbers work, don’t let scary “what if” headlines throw you off track.

• Nationally, the market is balanced and slowly heading toward a buyer-friendly direction.
• Buyer’s markets are emerging in many areas, especially the South and West. 
• Seller’s markets are strongest in portions of the Midwest and New England.

• 📈 Buyer’s market = high inventory. Buyers have lots of choices and can take their time. Price cuts are common. Buyers might ask sellers to cover some costs or fees.
• 📉 Seller’s market = low inventory: Buyers have fewer choices. Prices and competition heat up. Expect multiple offers above asking price.
• ⚖️ Balanced market = enough homes to go around: Supply and demand are roughly even. This generally happens when a local market has about six months’ worth of available inventory.

• Midwest: $336,300, up 2.8%
• Northeast: $534,900, up 4.2%
• South: $373,100, up 1.1%
• West: $625,900, down 0.7%

• Bidding wars aren’t the norm. A home listed for sale received an average 2.3 offers in May, down a bit from 2.5 last month and last year. For context: In the era of hot bidding wars in 2021 and 2022, the average was around five offers per home.
• Few homes are selling above list price. In May, one in four (25%) of homes sold above listing price, up from 21% last month but down from 28% last year.
• Homes are staying on the market longer than last year. Houses stayed on the market for a median 29 days in May, down from 32 days last month but up from 27 days last year.

• ✅ Stability: You have steady income and employment, and you’re ready to stay in one place for several years.
• ✅ Lifestyle fit: For first-time buyers, you’re up for the responsibility of paying for maintenance and repairs. For repeat buyers, your current home no longer meets your needs: You’re ready for more space, a new neighborhood or to downsize.
• ✅ Savings: You'll need money for a down payment and closing costs, as well as for moving costs and other expenses.
• ✅ Low debt: Your debt-to-income ratio (DTI) shows how much of your monthly income goes toward paying debt (like student loans, car payments or credit cards). The lower your DTI, the better your mortgage rates and terms. A DTI of 36% or below is most attractive to lenders.
• ✅ Good credit score: Borrowers with credit scores of 740 and above get the best mortgage rates and terms. It’s possible to qualify with a score in the 600s, but your options are limited.