{"id":78805,"date":"2024-11-07T05:00:35","date_gmt":"2024-11-07T13:00:35","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78805"},"modified":"2024-11-06T13:48:00","modified_gmt":"2024-11-06T21:48:00","slug":"pending-home-sales-rise-election","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/pending-home-sales-rise-election\/","title":{"rendered":"Pending Home Sales Held Steady in Final Run-Up to Election Despite 7% Mortgage Rates"},"content":{"rendered":"

While home sales remained mostly resilient to election jitters and rising rates, Redfin agents report that some house hunters were waiting to hit the pavement until they knew more about the direction of the country and economy.\u00a0<\/span><\/i><\/p>\n

Pending U.S. home sales rose 4.3% year over year during the four weeks ending November 3, in line with the increases we\u2019ve seen over the last six weeks.\u00a0<\/span><\/p>\n

The fact that pending sales held up in the final run-up to Tuesday\u2019s presidential election is somewhat surprising, especially considering that this year\u2019s election season was highly uncertain <\/span>and <\/span>anxiety-inducing<\/span><\/a>. Redfin economists say they would also expect high mortgage rates to deter buyers more than they have; mortgage rates have jumped to <\/span>7%<\/span><\/a> over the last few weeks, pushing the typical monthly mortgage payment up near its highest level since July. The results of the election are likely to push rates even higher for the foreseeable future; daily average mortgage rates already increased from 7.05% to <\/span>7.13%<\/span><\/a> on Wednesday. It\u2019s worth noting one reason pending sales are up is that we\u2019re comparing to a period last year when near-8% mortgage rates drove down sales.\u00a0\u00a0<\/span><\/p>\n

But there are signs that house hunters at earlier phases of the homebuying process pressed pause as the presidential campaigns drew to a close and rates rose. Redfin\u2019s Homebuyer Demand Index\u2013<\/span>a measure of tours and other buying services from Redfin agents\u2013is at its lowest level since mid-September, and mortgage-purchase applications are <\/span>down 5%<\/span><\/a> week over week. Redfin agents in places like Philadelphia, Phoenix, Atlanta and Charlotte, NC, are reporting that a fair amount of prospective buyers sat on the sidelines over the last few weeks.<\/span><\/p>\n

\u201cBuyers have been\u00a0 jittery the last few weeks\u00a0 because of the election. Most of the buyers I\u2019m meeting are looking at a house or two, then telling me they\u2019ll be back in the new year,\u201d said <\/span>Corey Stambaugh<\/span><\/a>, a Redfin Premier agent in Charlotte. \u201cSome buyers are also bummed out by high mortgage rates, but they tend to understand that rates will change in the future and they\u2019ll probably be able to refinance. Plus, most buyers are used to rates in the 6% to 7% range, and they\u2019ve adjusted their budgets and expectations accordingly.\u201d<\/span><\/p>\n

On the selling side, new listings rose just 0.3% year over year, the smallest increase in a year<\/span>. New listings stumbled partly because some sellers were waiting until after Tuesday\u2019s presidential election to list their home.\u00a0<\/span><\/p>\n

For Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201c<\/span><\/i>From Our Economists<\/span><\/i><\/a>\u201d page.<\/span><\/i>\u00a0<\/span><\/p>\n

Leading indicators<\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n
Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n
<\/td>\nValue (if applicable)<\/b><\/td>\nRecent change<\/b><\/td>\nYear-over-year change<\/b><\/td>\nSource<\/b><\/td>\n<\/tr>\n
Daily average 30-year fixed mortgage rate<\/b><\/td>\n7.13% (Nov. 6)<\/span><\/td>\nHighest level since July<\/span><\/td>\nDown from 7.98%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.72% (week ending Oct. 31)<\/span><\/td>\nHighest level since week ending Aug. 1<\/span><\/td>\nDown from 7.76%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 5%\u00a0 from a week earlier (as of week ending Nov. 1)<\/span><\/td>\nUp 2%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nLowest level in 6 weeks<\/span><\/p>\n

(as of week ending Nov. 3)<\/span><\/td>\n

Up 7%<\/span><\/td>\nRedfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nDown 4% from the start of the year (as of Nov. 3)<\/span><\/td>\nAt this time last year, it was down 20% from the start of 2023<\/span><\/td>\nShowingTime<\/span><\/a>, a home touring technology company\u00a0<\/span><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nUp 12% from a month earlier (as of Nov. 3)<\/span><\/td>\nUnchanged<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending Nov. 3, 2024<\/b><\/p>\n

Redfin\u2019s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and\/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nFour weeks ending Nov. 3, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$386,970<\/span><\/td>\n5.8%<\/span><\/td>\nBiggest increase since Oct. 2022<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$393,125<\/span><\/td>\n5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,607 at a 6.72% mortgage rate<\/span><\/td>\n-1.3%<\/span><\/td>\nHighest level since July, except the prior week\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n72,885<\/span><\/td>\n4.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n79,452<\/span><\/td>\n0.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,015,595<\/span><\/td>\n12.3%<\/span><\/td>\nSmallest increase since March<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4<\/span><\/td>\n+0.4 pts.\u00a0<\/span><\/td>\n4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0<\/span><\/td>\n<\/tr>\n
Share of homes off market in two weeks\u00a0<\/b><\/td>\n32.3%<\/span><\/td>\nDown from 37%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n41<\/span><\/td>\n+7 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n25.6%<\/span><\/td>\nDown from 29%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.7%<\/span><\/td>\n-0.3 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending Nov. 3, 2024<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.\u00a0<\/span><\/i><\/p>\n<\/th>\n<\/tr>\n

<\/th>\nMetros with biggest year-over-year increases<\/b><\/th>\nMetros with biggest year-over-year decreases<\/b><\/th>\n\n

Notes<\/b><\/p>\n<\/th>\n<\/tr>\n

Median sale price<\/b><\/th>\nFort Lauderdale, FL (14.8%)<\/span><\/p>\n

Milwaukee (13.9%)<\/span><\/p>\n

Warren, MI (9.6%)<\/span><\/p>\n

Nassau County, NY (9.1%)<\/span><\/p>\n

San Jose, CA (8.8%)<\/span><\/th>\n

Austin, TX (-3.6%)<\/span><\/p>\n

San Antonio (-0.6%)<\/span><\/th>\n

\n

Declined in 2 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (24.7%)<\/span><\/p>\n

San Francisco (18.7%)<\/span><\/p>\n

Dallas (17.8%)<\/span><\/p>\n

Portland, OR (17.6%)<\/span><\/p>\n

Virginia Beach, VA (17.5%)<\/span><\/td>\n

Tampa, FL (-25.8%)<\/span><\/p>\n

Fort Lauderdale, FL (-16.4%)<\/span><\/p>\n

West Palm Beach, FL (-16%)<\/span><\/p>\n

Orlando, FL (-15.7%)<\/span><\/p>\n

Miami (-14.3%)<\/span><\/td>\n

Increased in 35 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSeattle (14.7%)<\/span><\/p>\n

San Jose, CA (12.6%)<\/span><\/p>\n

Washington, D.C. (12.5%)<\/span><\/p>\n

Baltimore (10.7%)<\/span><\/p>\n

Anaheim, CA (10.5%)<\/span><\/td>\n

Tampa, FL (-32.4%)<\/span><\/p>\n

Austin, TX (-17.3%)<\/span><\/p>\n

Orlando, FL (-16.8%)<\/span><\/p>\n

Atlanta (-16.4%)<\/span><\/p>\n

West Palm Beach, FL (-14.6%)<\/span><\/td>\n

Declined in 17 metros<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Refer to our <\/span>metrics definition page<\/span><\/a> for explanations of all the metrics used in this report.<\/span><\/p>\n

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While home sales remained mostly resilient to election jitters and rising rates, Redfin agents report that some house hunters were waiting to hit the pavement until they knew more about the direction of the country and economy.\u00a0 Pending U.S. home sales rose 4.3% year over year during the four weeks ending November 3, in line […]<\/p>\n","protected":false},"author":13153,"featured_media":78818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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