According to a new report from real estate site Redfin, which looked at key housing market takeaways for 400+ U.S. Metro areas for 4 weeks up until Nov. 15, pending homes sales increased 29% year over year. During the week ending Nov. 15, pending sales were up 22% from the same week a year earlier.
The report also found a few other key takeaways.
- New listings of homes for sale were also up 7% from a year earlier, and the one-week year-over-year increased rebounded to 6% during the week ending Nov. 15 from 3% during election week.
- The number of homes listed for sale at any point during the period fell 29% from 2019. 43% of homes that went under contract had an accepted offer within the first two weeks on the market. This measure typically peaks in April or May and declines through the end of the year, but this year it held relatively between late June and October, and has only recently begun to decline slightly.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.5%—an all-time high and 1.5 percentage points higher than a year earlier.
- For the week ending November 15, the seasonally adjusted Redfin Homebuyer Demand Index was up 35% from pre-pandemic levels in January and February.
- Mortgage purchase applications increased 4% week over week (seasonally-adjusted) and were up 26% from a year earlier (unadjusted) during the week ending November 13. For the week ending November 19, 30-year mortgage rates dropped to 2.72%, the thirteenth record low this year. Rates have been below 3% since late July.
“In early November, few homeowners decided to list amidst all of the uncertainty and anxiety about the election outcome,” said Redfin chief economist Daryl Fairweather in a press release. “But that anxiety didn’t stop buyers from scooping up the homes that were left for sale. However, our data is starting to show a slowdown in the number of people viewing homes, which is typical for this time of year. If that trend continues the way we’d expect it to, buyers who remain in the market may start to encounter less competition than we’ve grown accustomed to since the summer, before the market likely returns to full speed in the new year.”