Following Months of Pent Up Demand, Early-Stage Homebuying Picks Up

With the 2024 presidential election now in the rearview mirror, antsy homebuyers are headed back to the market. According to real estate marketing platform Redfin, despite high housing costs, there has been a 17% uptick in homebuyers reaching out to real estate agents compared with last year. This is the highest point since August 2023 and the largest annual increase since January 2022.

“The burst of buyers and sellers jumping into the market is the result of pent-up demand from people who were waiting for the election to pass, and for the Fed to cut interest rates a second time,” said Redfin Economic Research Lead Chen Zhao. “Even though mortgage rates have been rising since both of those things happened, house hunters who had pressed pause are jumping back in. Now we’re keeping a close eye on whether this is a short post-election boom, or if it translates into a steady improvement in pending sales. Read more