Skip to main content

Pending Sales Soared 29 Percent After Election Week

Nov 23, 2020
New home listed for sale.
Director of Events

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.

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Nov 23, 2020
HUD Freezes Foreclosures On FHA Mortgages In Texas Flood Zone

Kerr County homeowners among hardest hit in disaster that’s claimed more than 100 lives

Jul 09, 2025
Fewer Canadians Hunt For U.S. Property

Largest component of international buyers in U.S. takes more than 25% hit

Jul 08, 2025
Fannie, Freddie Now Allow Lenders To Use VantageScore 4.0

Lenders will keep tri-merge credit scoring model; what this shift means

Fairway Independent Mortgage Corporation Announces Rebranding

Now Fairway Home Mortgage, company also donates $1M to support relief efforts in deadly Texas flooding

Jul 07, 2025
FHFA Chief Officially Calls For Investigation Of Federal Reserve Chairman Powell

Alleges Powell lied in testimony to Congress regarding Fed building renovations, says Fed Chair should be fired

BBB Will Impact Homeowners, Buyers

U.S. House and Senate must agree on certain tax, mortgage insurance premium deductions