The prices typically peak in May and June. They are generally on a slight uphill climb from the beginning of the year, but most significantly climb in mid March. Then, they continue to climb through June. Sellers know that this is when they can get the best price on their home, so if possible, they wait until that time. This is why if I’m helping a seller, I recommend they list their home in late spring. (It seems most people tend to prefer to move in the summer, when the weather is nice and the kids are out of school, so they can start the new year at their new school.) Little did I know when I started as a realtor, how seasonable buying and selling residential real estate is. This is also why, when I’m working with a buyer, I recommend they consider other times of the year, though many still prefer to buy in what I have come to call “Selling Season”.
So that sellers don’t miss the “selling season” one may see some of the prices begin to fall slightly in July, and more likely so in August, then more in each following month. I actually recommend September as a great time to buy with regard to price. However, as the prices fall, (good news) there is also a seasonable inventory shortage (bad news). Since, most sellers want to close before Autumn ends, so they can be over with the hassle for the holidays, less and less people list their houses after August. Of course less inventory means less selection.
So you know, from a timing perspective, once a home goes under contract, it will take about 6 weeks to close. If you add that to the 4-6 weeks (approximate average time to find or sell a home ), if a buyer or seller were to begin in August, they would probably close until the end of October. With Thanksgiving just around the corner, this is already cutting it close to the holiday season, though certainly possible :-).