Is now a good time to buy a house? It’s the question I hear most this fall, from students in my licensing classes and from friends. Rates say no. The listings say something more interesting. Here’s how I’d think it through.
The bad news: rates are higher than a year ago
Freddie Mac’s average 30-year fixed rate was 7.40% the week of October 15, 2026, unchanged from the week before and up from 6.27% a year earlier (Freddie Mac Primary Mortgage Market Survey). A higher rate means the same monthly budget buys a smaller loan. If you haven’t run your own number lately, start with how much house you can afford and talk to a lender.
Is now a good time to buy a house? Buyers have more choices
Here’s what Realtor.com data for the Raleigh-Cary metro showed for September 2026 (via the St. Louis Fed’s FRED):
- 6,125 homes for sale, up from 5,691 a year earlier (about 8% more)
- Median list price $445,000, down from $457,000
- About 2,700 listings had a price cut, roughly 44% of everything for sale
- 59 days median time on market, the same as last September
Translation: you have more time to look and more room to negotiate than you’ve had in a while. That room doesn’t have to be all price. It can be repairs after inspections, seller-paid closing costs, or help buying down your rate. For the bigger picture, see my Raleigh housing market guide.
Don’t time rates. Time your life.
Trying to buy at the exact bottom of rates is like waiting for the perfect day to plant a garden. You can watch the forecast forever and still miss the season. I tell my students to ask three questions instead:
- Are you ready? Savings for the down payment and closing costs, plus a cushion for the first repair.
- Is your income steady? A job you expect to keep matters more than the rate headline.
- Will you stay five years or more? Buying and selling cost money. Time is what lets a home earn those costs back.
If all three are yes, now is a good time to buy a house for you. The right house at the right price can make sense, even at today’s rates. If any is no, renting and saving is a plan too. No shame in that.
What I’d do this fall if I were buying
- Get a lender’s quote at today’s rate, not last year’s, and a clear picture of your down payment options.
- Look hard at homes that have been on the market 30 days or more, or have already had a price cut.
- Negotiate the whole deal, not just the price: repairs, closing costs and rate buydowns all count.
Is now a good time to buy a house for you?
Every buyer’s answer is different. If you want my honest take on your situation, email me to book a free 15-minute strategy call. No pressure, just a plan.
General information, not lending advice. Rates are Freddie Mac weekly averages, not quotes.
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Mike Hall, The Triangle Real Estate Professor, is a broker with First Flight Realty in Cary, NC, and an NCREC-approved real estate instructor.
