Skip to main content

Pending Sales Soared 29 Percent After Election Week

Navi Persaud
Nov 23, 2020
New home listed for sale.

Folks were out in record numbers to vote during election week and homebuyers were out in full force in the following week for the housing industry, as Redfin reported that pending home sales jumped 29%. Meanwhile, home prices increase by 16% year-over-year in the single week ending Nov. 15, according to the report.

Redfin revealed that new listings of homes for sale were up 7% from 2019. The one-week year-over-year increase also rebounded to 6% for the week ending Nov. 15 from 3% during election week, according to the report.

"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. "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."

Additionally, 43% of homes that went under contract had an accepted offer within the first two weeks on the market. This usually peaks in April or May and tapers off in later months, however, this year it held strong between late June and October.

Click here to read more from the report.

Published
Nov 23, 2020
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021