{"id":78831,"date":"2024-11-14T05:00:27","date_gmt":"2024-11-14T13:00:27","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78831"},"modified":"2024-11-13T17:01:37","modified_gmt":"2024-11-14T01:01:37","slug":"demand-bounces-back-after-election","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/demand-bounces-back-after-election\/","title":{"rendered":"Home Tours, Mortgage Locks Are Bouncing Back Post-Election"},"content":{"rendered":"

Redfin\u2019s Homebuyer Demand Index is rising and mortgage-rate locks are jumping, with some buyers wading back into the market now that the election has passed and the Fed has cut interest rates for the second month in a row.\u00a0<\/span><\/i><\/p>\n

Early indicators of homebuying demand show that buyers are <\/span>returning<\/span><\/a> after taking a hiatus in the lead-up to last week\u2019s presidential election. Redfin\u2019s Homebuyer Demand Index\u2013a measure of tours and other buying services from Redfin agents\u2013jumped more than 15% this past weekend to its highest level in nearly a year and a half (please note that this is based on only four days of data, from Nov. 7-Nov. 11, and we won\u2019t know for a few weeks if the increase is a blip or the start of a trend). Mortgage-rate locks for home purchases more than doubled from a month earlier as of November 12, according to <\/span>Optimal Blue data<\/span><\/a>.\u00a0<\/span><\/p>\n

The jump in early-stage buying activity reflects pent-up demand that\u2019s now being unleashed. Redfin agents throughout the country reported that many house hunters took a break while they waited for the uncertainty surrounding the election to pass, and a <\/span>Redfin survey<\/span><\/a> from October found that nearly one-quarter of prospective first-time buyers were holding off until after the election. Now, even though <\/span>mortgage rates<\/span><\/a> are sitting near their highest level since July, home-sale prices are stubbornly high, and the typical U.S. housing payment is just $200 shy of its all-time high, some buyers are back. A separate Redfin survey, conducted just after the election, found that 22% of U.S. residents are <\/span>more likely<\/span><\/a> to consider moving now that the election is over.\u00a0<\/span><\/p>\n

Pending U.S. home sales rose 4.7% year over year during the four weeks ending November 10, in line with the increases we\u2019ve seen over the last month. Pending sales are a lagging indicator; if this week\u2019s uptick in early-stage demand continues, pending sales are likely to improve sometime in the next several weeks.\u00a0<\/span><\/p>\n

\u201cThere\u2019s no question we saw homebuying demand bounce back this past weekend, but it\u2019s bouncing back to the level we would expect with 7% mortgage rates and not much higher,\u201d said Chen Zhao, Redfin\u2019s economic research lead. \u201cHouse hunting activity was much slower than expected this summer and early fall, especially given that rates dropped down to the 6% range. Buyers were waiting for the election to be over, and for the Fed to <\/span>cut rates<\/span><\/a> for the second month in a row. Both of those things happened last week, and now buyers don\u2019t have much reason to wait\u2013especially because we don\u2019t expect rates to fall significantly anytime soon.\u201d<\/span><\/p>\n

On the selling side, new listings were unchanged from a year earlier. That\u2019s the first time in a year they haven\u2019t posted an increase, but it follows the listing trend we\u2019ve been seeing for a month: For three of the last four weeks, listings increased by less than 1%. <\/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\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>\n7.01% (Nov. 13)<\/span><\/td>\nNear highest level since July, but down from 7.13% one week earlier<\/span><\/td>\nDown from 7.58%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.79% (week ending Nov. 10)<\/span><\/td>\nHighest level since week ending July 11<\/span><\/td>\nDown from 7.5%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 2%\u00a0 from a week earlier (as of week ending Nov. 8)<\/span><\/td>\nUp 1%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nNear highest level since April<\/span><\/p>\n

(as of week ending Nov. 10; please note that the Demand Index numbers cited in the text above are based on our <\/span>daily <\/span><\/i>demand index rather than the weekly index cited here)<\/span><\/td>\n

Up 8%<\/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 3% from the start of the year (as of Nov. 11)<\/span><\/td>\nAt this time last year, it was down 15% 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. 11)<\/span><\/td>\nUnchanged<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending Nov. 10, 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. 10, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$387,114<\/span><\/td>\n6.2%<\/span><\/td>\nBiggest increase since Oct. 2022<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$390,975<\/span><\/td>\n4.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,607 at a 6.79% mortgage rate<\/span><\/td>\n-0.9%<\/span><\/td>\nNear highest level since July<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n72,423<\/span><\/td>\n4.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n78,434<\/span><\/td>\nunchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,021,242<\/span><\/td>\n12.5%<\/span><\/td>\nSmallest increase since March<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4<\/span><\/td>\n+0.3 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>\n31%<\/span><\/td>\nDown from 36%<\/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>\n25.3%<\/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-0.2 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. 10, 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>\nMilwaukee (14.1%)<\/span><\/p>\n

Cleveland (13%)<\/span><\/p>\n

Detroit (12.6%)<\/span><\/p>\n

Fort Lauderdale, FL (12.4%)<\/span><\/p>\n

New Brunswick, NJ (11.5%)<\/span><\/th>\n

Austin, TX (-1.3%)<\/span><\/p>\n

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

\n

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

Pending sales<\/b><\/td>\nVirginia Beach, VA (18.6%)<\/span><\/p>\n

Portland, OR (18.1%)<\/span><\/p>\n

Dallas (17.1%)<\/span><\/p>\n

San Jose, CA (17%)<\/span><\/p>\n

San Francisco (16.5%)<\/span><\/td>\n

Fort Lauderdale, FL (-15.2%)<\/span><\/p>\n

Miami (-14%)<\/span><\/p>\n

West Palm Beach, FL (-13.8%)<\/span><\/p>\n

Jacksonville, FL (-9.5%)<\/span><\/p>\n

Tampa, FL (-7.2%)<\/span><\/td>\n

Increased in 37 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nWashington, D.C. (15.3%)<\/span><\/p>\n

Baltimore (10.8%)<\/span><\/p>\n

Seattle (10.5%)<\/span><\/p>\n

New York (8.9%)<\/span><\/p>\n

Philadelphia (8.8%)<\/span><\/td>\n

Austin, TX (-23.7%)<\/span><\/p>\n

Atlanta (-19.1%)<\/span><\/p>\n

San Antonio (-17.1%)<\/span><\/p>\n

Tampa, FL (-10%)<\/span><\/p>\n

Detroit (-7.7%)<\/span><\/td>\n

Declined in 21 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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Redfin\u2019s Homebuyer Demand Index is rising and mortgage-rate locks are jumping, with some buyers wading back into the market now that the election has passed and the Fed has cut interest rates for the second month in a row.\u00a0 Early indicators of homebuying demand show that buyers are returning after taking a hiatus in the […]<\/p>\n","protected":false},"author":13153,"featured_media":78844,"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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