The year-end season has seen a notable rise in home tours, signaling a stronger-than-expected demand in the housing market. According to recent data from Redfin, homebuyer activity—particularly in early-stage processes like touring—has reached its highest level since September 2023, despite high mortgage rates and home prices. This trend highlights the resilience of the market as buyers adapt to ongoing challenges.
Home Tours Increase After the Election
Early Signs of Strong Demand
Recent indicators show a surge in home tours and other preliminary homebuying activities. Redfin’s Homebuyer Demand Index, which measures activities such as tours conducted by Redfin agents, has risen by 7% year-over-year. Similarly, mortgage-purchase applications have seen a 17% month-over-month jump, the highest since January.
Mimi Trieu, a Redfin Premier agent, notes that buyers are becoming accustomed to elevated mortgage rates. “Many buyers realize that rates below 6% may not return soon and are pushing forward despite the challenges,” she explains. This determination to enter the market before the year ends reflects a broader acceptance of current market conditions.
Why Buyers Are Touring More Homes Now
Several factors contribute to the uptick in home tours. First, the post-election period has provided a boost in buyer confidence, with many resuming their search after delaying decisions earlier in the year. Second, the limited inventory of desirable homes has spurred buyers to act quickly and negotiate favorable deals. Homes that remained unsold during the summer or early fall are now gaining traction as buyers move forward with their plans.
New listings have also increased by 3% year-over-year, the largest rise in months, offering more options for potential buyers. While modest, this increase aligns with the growing momentum in the market.
What the Data Tells Us
Data shared by Redfin highlights the steady growth in home tours and other indicators of market activity. Pending home sales have risen by 6.5% year-over-year, and the average days on market has remained competitive, emphasizing the urgency felt by buyers. Despite challenges like high mortgage payments—averaging $2,556 per month at a 6.81% mortgage rate—the housing market remains robust.
A Promising End to 2024
As we approach the end of 2024, the rise in home tours reflects a resilient housing market. Buyers are navigating high prices and mortgage rates with renewed confidence, encouraged by a growing inventory and the realization that waiting may no longer be the best strategy. With new listings increasing and more homes finding buyers, the housing market is ending the year on a high note, as highlighted in Redfin’s latest report.
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