Lower mortgage rates and increased inventory are creating a unique opportunity for homebuyers in an otherwise competitive season, offering a window of affordability and choice.
Zillow's report highlights that the U.S. median monthly mortgage payment fell by over $100 since May, allowing more prospective buyers to consider entering the market.
Skylar Olsen, Zillow's chief economist, emphasized that late summer is particularly advantageous for buyers, as they are gaining more negotiating power in the current market.
Despite increased competition, nationwide active inventory is up by 22% year over year, although it is still 31% lower than levels seen before the pandemic.
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