For home buyers chasing a bargain, they may want to act fast. Closings in January provide the best discount for home buyers, according to Lawrence Yun, the chief economist for the National Association of REALTORS®, in his latest column at Forbes. That means buyers can get the best deals when they get a home under contract around December, Yun writes.

From peak price in August and September, home prices decline by 0.51 percent by January closings, according to the Case-Shiller index. On a typical home price of $220,000, that discount could equate to about $1,122, Yun writes.

“The seasonal decline is not all price depreciation of homes” in winter, Yun notes. “A good portion of movement is driven by a higher proportion of lower priced and smaller-sized…

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