{"id":78898,"date":"2024-11-27T07:56:02","date_gmt":"2024-11-27T15:56:02","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78898"},"modified":"2024-11-27T09:03:01","modified_gmt":"2024-11-27T17:03:01","slug":"housing-market-update-homebuying-demand-thanksgiving","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-thanksgiving\/","title":{"rendered":"Pending Home Sales Rise After Post-Election Surge in Home Tours"},"content":{"rendered":"

Pending sales posted a big year-over-year increase this week,\u00a0 <\/span><\/i>partly because the boom in early-stage homebuying demand we saw just after the election is translating to sales<\/span><\/i> and partly because <\/span><\/i>we\u2019re comparing to a period in 2023 that included Thanksgiving.<\/span><\/i><\/p>\n

U.S. pending home sales rose 12.1% year over year during the four weeks ending November 24, the biggest increase since May 2021.\u00a0 One reason for the outsized increase is that early-stage homebuying demand, including home tours, boomed in the two weeks following the presidential election. But another notable reason is that we\u2019re comparing to a period in 2023 that included Thanksgiving, a time of year when home sales are typically very slow.\u00a0<\/span><\/p>\n

We\u2019ll know in the next few weeks whether the increase in pending sales is a Thanksgiving mirage or a sign of sustained strength in the housing market.\u00a0<\/span><\/p>\n

Mortgage purchase applications are <\/span>up 12%<\/span><\/a> week over week, though home tours and other early-stage signals have tapered off. Redfin\u2019s Homebuyer Demand Index\u2013a measure of tours and other buying services from Redfin agents\u2013fell to its lowest level in over two months during the week ending November 24, though it\u2019s up 7% year over\u00a0 year. The recent dip in early-stage demand follows two weeks of big upswings; the demand index hit its highest level in nearly a year and a half in mid-November.\u00a0<\/span><\/p>\n

On the selling side, new listings are up 10.6% year over year, the biggest increase since April. That\u2019s also due partly to the fact that Thanksgiving fell into last year\u2019s comparable period. Like the surge in pending sales, we\u2019ll know more soon about whether the improvement in new listings is here to stay.\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\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>\n6.95% (Nov. 26)<\/span><\/td>\nDown from 7.08% one week earlier\u00a0<\/span><\/td>\nDown from 7.3%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.81% (week ending Nov. 27)<\/span><\/td>\nHighest level since July\u00a0<\/span><\/td>\nDown from 7.29%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 12%\u00a0 from a week earlier (as of week ending Nov. 22)<\/span><\/td>\nUp 52%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 5% from a month earlier<\/span><\/p>\n

(as of week ending Nov. 24)<\/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 8% from the start of the year (as of Nov. 25)<\/span><\/td>\nAt this time last year, it was down 42% 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>\nUnchanged from a month earlier (as of Nov. 25)<\/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. 24, 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. 24, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$386,625<\/span><\/td>\n7%<\/span><\/td>\nBiggest increase since Sept. 2022<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$385,975<\/span><\/td>\n5.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,578 at a 6.81% mortgage rate<\/span><\/td>\n2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n71,773<\/span><\/td>\n12.1%<\/span><\/td>\nBiggest increase since May 2021 (<\/span>please note that we\u2019re comparing to a period in 2023 that included Thanksgiving<\/span><\/i>)<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n74,118<\/span><\/td>\n10.6%<\/span><\/td>\nBiggest increase since April\u00a0<\/span><\/p>\n

(<\/span>please note that we\u2019re comparing to a period in 2023 that included Thanksgiving<\/span><\/i>)<\/span><\/td>\n<\/tr>\n

Active listings<\/b><\/td>\n1,010,868<\/span><\/td>\n12.4%<\/span><\/td>\nSmallest increase since March<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.9<\/span><\/td>\n-0.2 pts.<\/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>\n29.3%<\/span><\/td>\nDown from 34%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n42<\/span><\/td>\n+7 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n25%<\/span><\/td>\nDown from 27%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.6%<\/span><\/td>\n-0.1 pt.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending Nov. 24, 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>\nPhiladelphia (21.8%)<\/span><\/p>\n

Newark, NJ (17.1%)<\/span><\/p>\n

Miami (13.7%)<\/span><\/p>\n

Cleveland (13.6%)<\/span><\/p>\n

Detroit (12.7%)<\/span><\/th>\n

Tampa, FL (-1%)<\/span><\/th>\n\n

Declined in 1 metro<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (23.7%)<\/span><\/p>\n

New York (23.7%)<\/span><\/p>\n

San Francisco (23.6%)<\/span><\/p>\n

Dallas (22.4%)<\/span><\/p>\n

Las Vegas (20%)<\/span><\/td>\n

Miami (-6.3%)<\/span><\/p>\n

West Palm Beach, FL (-4.9%)<\/span><\/p>\n

Fort Lauderdale, FL (-3.3%)<\/span><\/td>\n

Declined in 3 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Francisco (31.2%)<\/span><\/p>\n

Washington, D.C. (27.9%)<\/span><\/p>\n

Seattle (25.2%)<\/span><\/p>\n

New York (23.9%)<\/span><\/p>\n

Baltimore (18.6%)<\/span><\/td>\n

Austin, TX (-14.2%)<\/span><\/p>\n

San Antonio (-9.7%)<\/span><\/p>\n

Atlanta (-5.5%)<\/span><\/p>\n

Orlando, FL (-0.1%)<\/span><\/td>\n

Declined in 4 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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Pending sales posted a big year-over-year increase this week,\u00a0 partly because the boom in early-stage homebuying demand we saw just after the election is translating to sales and partly because we\u2019re comparing to a period in 2023 that included Thanksgiving. U.S. pending home sales rose 12.1% year over year during the four weeks ending November […]<\/p>\n","protected":false},"author":13153,"featured_media":78911,"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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