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Redfin Reports Home Tours, Mortgage Locks Are Bouncing Back Post-Election

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Redfin reports a significant rebound in homebuying demand following the presidential election. The company's Homebuyer Demand Index jumped over 15% to its highest level in nearly 18 months, while mortgage-rate locks for home purchases more than doubled from the previous month. Pending home sales rose 4.7% year over year, with the median sale price reaching $387,114, up 6.2%. Despite mortgage rates near 7% and high home prices, buyers are returning to the market, with 22% of U.S. residents more likely to consider moving post-election.

Redfin segnala un notevole recupero nella domanda di acquisto di case dopo le elezioni presidenziali. L'Homebuyer Demand Index dell'azienda è aumentato di oltre il 15%, raggiungendo il livello più alto degli ultimi 18 mesi, mentre i blocchi di tasso ipotecario per gli acquisti di case sono più che raddoppiati rispetto al mese precedente. Le vendite di case in attesa sono aumentate del 4,7% rispetto all'anno scorso, con il prezzo medio di vendita che ha raggiunto i $387,114, in crescita del 6,2%. Nonostante i tassi ipotecari vicini al 7% e i prezzi delle case elevati, i compratori stanno tornando sul mercato, con il 22% dei residenti negli Stati Uniti più propensi a considerare un trasferimento dopo le elezioni.

Redfin informa sobre una recuperación significativa en la demanda de compra de viviendas tras las elecciones presidenciales. El Índice de Demanda de Compradores de la compañía subió más del 15%, alcanzando su nivel más alto en casi 18 meses, mientras que los bloqueos de tasas hipotecarias para compras de viviendas más que se duplicaron en comparación con el mes anterior. Las ventas pendientes de viviendas aumentaron un 4.7% interanual, con el precio medio de venta alcanzando los $387,114, un aumento del 6.2%. A pesar de que los tipos hipotecarios están cerca del 7% y los precios de las viviendas son altos, los compradores están regresando al mercado, siendo el 22% de los residentes de EE. UU. más propensos a considerar mudarse tras las elecciones.

레드핀은 대통령 선거 이후 주택 구매 수요가 크게 반등했다고 보고합니다. 이 회사의 주택 구매자 수요 지수는 15% 이상 급등하여 거의 18개월 만에 최고 수준에 도달하였고, 주택 구매를 위한 모기지 금리 잠금은 지난달 대비 두 배 이상 증가했습니다. 보류 중인 주택 판매는 전년 대비 4.7% 증가하였으며, 중간 판매 가격은 $387,114에 도달하여 6.2% 상승했습니다. 모기지 금리가 7%에 근접하고 주택 가격이 높은 상황에서도, 구매자들은 시장으로 돌아오고 있으며, 미국 주민의 22%가 선거 이후 이사를 고려할 가능성이 더 높아졌습니다.

Redfin rapporte un rebond significatif de la demande d'achat de logements suite aux élections présidentielles. L'Index de la Demande des Acheteurs de la société a bondi de plus de 15 %, atteignant son niveau le plus élevé depuis près de 18 mois, tandis que les verrous de taux hypothécaires pour les achats de logements ont plus que doublé par rapport au mois précédent. Les ventes de maisons en attente ont augmenté de 4,7 % d'une année sur l'autre, avec un prix de vente médian atteignant 387 114 $, soit une hausse de 6,2 %. Malgré des taux hypothécaires proches de 7 % et des prix de l'immobilier élevés, les acheteurs reviennent sur le marché, 22 % des résidents américains étant plus susceptibles d'envisager un déménagement après les élections.

Redfin berichtet von einem signifikanten Anstieg der Nachfrage nach Hauskäufen nach den Präsidentschaftswahlen. Der Homebuyer Demand Index des Unternehmens stieg um über 15 % und erreichte den höchsten Stand seit fast 18 Monaten, während die Hypothekenzinsbindungen für Hauskäufe im Vergleich zum Vormonat mehr als verdoppelt wurden. Die ausstehenden Hausverkäufe stiegen im Jahresvergleich um 4,7 %, während der Medianverkaufspreis mit 387.114 USD um 6,2 % anstieg. Trotz Hauszinsraten von nahe 7 % und hohen Immobilienpreisen kehren die Käufer auf den Markt zurück, wobei 22 % der US-Bewohner eher in Betracht ziehen, nach den Wahlen umzuziehen.

Positive
  • Homebuyer Demand Index increased by 15%, reaching highest level in 18 months
  • Pending home sales up 4.7% year over year
  • Median sale price increased 6.2% to $387,114
  • Mortgage-rate locks for home purchases doubled from previous month
Negative
  • Mortgage rates remain elevated near 7%
  • Monthly mortgage payment near all-time high at $2,607
  • Share of homes sold above list price decreased to 25.3% from 29%
  • Median days on market increased by 7 days year-over-year

Insights

The surge in Redfin's Homebuyer Demand Index and mortgage-rate locks signals a meaningful shift in market sentiment. The 15% jump in the demand index to an 18-month high, coupled with doubled mortgage-rate locks, indicates substantial pent-up demand being released post-election.

Key metrics paint a mixed picture: 4.7% year-over-year increase in pending sales, 12.5% growth in active listings (smallest since March) and a median sale price of $387,114 showing 6.2% growth - the largest since October 2022. The market remains challenging with rates near 7%, but improved buyer confidence could sustain momentum through year-end.

Regional variations are significant, with markets like Milwaukee showing 14.1% price growth while Austin experiences a 1.3% decline. This divergence suggests localized market dynamics are increasingly important for investors to monitor.

Redfin’s 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

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — Early indicators of homebuying demand show that buyers are returning after taking a hiatus in the lead-up to last week’s presidential election, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Redfin’s Homebuyer Demand Index, a measure of tours and other buying services from Redfin agents, jumped 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 to Nov. 11). Mortgage-rate locks for home purchases more than doubled from a month earlier as of November 12, according to Optimal Blue data.

The jump in early-stage buying activity reflects pent-up demand that’s 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 Redfin survey from October found that nearly one-quarter of prospective first-time buyers were holding off until after the election. Now, even though mortgage rates 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 more likely to consider moving now that the election is over.

Pending U.S. home sales rose 4.7% year over year during the four weeks ending November 10, in line with the increases we’ve seen over the last month. Pending sales are a lagging indicator; if this week’s uptick in early-stage demand continues, pending sales are likely to improve sometime in the next several weeks.

“There’s no question we saw homebuying demand bounce back this past weekend, but it’s bouncing back to the level we would expect with 7% mortgage rates and not much higher,” said Chen Zhao, Redfin’s economic research lead. “House 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 cut rates for the second month in a row. Both of those things happened last week, and now buyers don’t have much reason to wait–especially because we don’t expect rates to fall significantly anytime soon.”

On the selling side, new listings were unchanged from a year earlier. That’s the first time in a year they haven’t posted an increase, but it follows the listing trend we’ve been seeing for a month: For three of the last four weeks, listings increased by less than 1%.

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

Indicators of homebuying demand and activity

 

Value (if applicable)

Recent change

Year-over-year change

Source

Daily average 30-year fixed mortgage rate

7.01% (Nov. 13)

Near highest level since July, but down from 7.13% one week earlier

Down from 7.58%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

6.79% (week ending Nov. 10)

Highest level since week ending July 11

Down from 7.5%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

 

Up 2% from a week earlier (as of week ending Nov. 8)

Up 1%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)

 

Near highest level since April

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

Up 8%

 

 

Redfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents

Touring activity

 

Down 3% from the start of the year (as of Nov. 11)

 

At this time last year, it was down 15% from the start of 2023

ShowingTime, a home touring technology company

Google searches for “home for sale”

 

Up 12% from a month earlier (as of Nov. 11)

Unchanged

 

Google Trends

Key housing-market data

U.S. highlights: Four weeks ending Nov. 10, 2024

Redfin’s 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.

 

Four weeks ending Nov. 10, 2024

Year-over-year change

Notes

Median sale price

$387,114

6.2%

Biggest increase since Oct. 2022

Median asking price

$390,975

4.4%

 

Median monthly mortgage payment

$2,607 at a 6.79% mortgage rate

-0.9%

Near highest level since July

Pending sales

72,423

4.7%

 

New listings

78,434

unchanged

 

Active listings

1,021,242

12.5%

Smallest increase since March

Months of supply

4

+0.3 pts.

4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions.

Share of homes off market in two weeks

31%

Down from 36%

 

Median days on market

41

+7 days

 

Share of homes sold above list price

25.3%

Down from 29%

 

Average sale-to-list price ratio

98.7%

-0.2 pts.

 

Metro-level highlights: Four weeks ending Nov. 10, 2024

Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

 

Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases

Notes

Median sale price

Milwaukee (14.1%)

Cleveland (13%)

Detroit (12.6%)

Fort Lauderdale, FL (12.4%)

New Brunswick, NJ (11.5%)

 

Austin, TX (-1.3%)

Atlanta (-0.6%)

 

 

Declined in 2 metros

Pending sales

Virginia Beach, VA (18.6%)

Portland, OR (18.1%)

Dallas (17.1%)

San Jose, CA (17%)

San Francisco (16.5%)

 

Fort Lauderdale, FL (-15.2%)

Miami (-14%)

West Palm Beach, FL (-13.8%)

Jacksonville, FL (-9.5%)

Tampa, FL (-7.2%)

Increased in 37 metros

 

 

New listings

Washington, D.C. (15.3%)

Baltimore (10.8%)

Seattle (10.5%)

New York (8.9%)

Philadelphia (8.8%)

 

 

Austin, TX (-23.7%)

Atlanta (-19.1%)

San Antonio (-17.1%)

Tampa, FL (-10%)

Detroit (-7.7%)

 

Declined in 21 metros

To view the full report, including charts, please visit:
https://www.redfin.com/news/demand-bounces-back-after-election

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

Contact Redfin

Redfin Journalist Services:

Tana Kelley

press@redfin.com

Source: Redfin

FAQ

What was Redfin's (RDFN) Homebuyer Demand Index increase after the 2024 election?

Redfin's Homebuyer Demand Index jumped more than 15% to its highest level in nearly a year and a half following the election.

What is the current median home sale price according to Redfin (RDFN)?

The median home sale price is $387,114, representing a 6.2% increase year-over-year.

What is the current mortgage payment for homebuyers according to Redfin (RDFN)?

The median monthly mortgage payment is $2,607 at a 6.79% mortgage rate.

How many days are homes staying on the market according to Redfin (RDFN)?

The median days on market is 41 days, which is 7 days longer compared to the previous year.

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