Dana Anderson

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.

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.

Most U.S. residents who earn less than $50,000 struggle to afford their mortgage or rent payments, according to a recent Redfin-commissioned survey. Of those earning under $50,000 who struggle to afford housing, 21% have delayed or skipped medical treatments, while 15% have worked a side hustle. Broken down by generation, nearly one-quarter of Gen Zers who struggle to afford housing have sold belongings to help make payments, and 19% have moved in with a romantic partner.

The number of homebuyers and sellers contacting Redfin agents has jumped over the last week, with Redfin’s Homebuyer Demand Index posting its biggest year-over-year increase since 2021.

U.S. investor home purchases fell 2% year over year in the third quarter, a much smaller change than the swings of the last several years. Purchases are now back near pre-pandemic levels. In Florida, investor purchases posted double-digit declines amid an ongoing climate and insurance crisis. But investor purchases saw double-digit gains in a handful of metros, led by Las Vegas and Seattle.

Pending sales posted a big year-over-year increase this week, partly because the boom in early-stage homebuying demand we saw just after the election is translating to sales and partly because we’re comparing to a period in 2023 that included Thanksgiving.

The uptick in early-stage homebuying activity we saw immediately after the election is continuing, despite high home prices and mortgage rates.

Home tours, mortgage applications and pending sales are rising as mortgage rates decline from the four-month high they hit in late November. More sellers are coming off the fence, too.

New listings posted their second-biggest annual increase since early summer this week, and pending home sales continue to rise.

Homeowners with kids living under their roof are much more likely to receive help from family with down payments and/or monthly mortgages than their no-kids counterparts, according to a recent Redfin-commissioned survey. That’s partly because they’re buying bigger, more expensive homes.