Katie Moe | July 15, 2024
Q&A
— Lisa Sturtevant (Chief Economist at Bright MLS)
Are you wondering if the upcoming election will impact the housing market? Historically, elections do influence real estate trends, and understanding these patterns can be crucial if you're planning a move. Data reveals that home sales often slow down in November but rebound swiftly, with a rise in sales the following year. Additionally, prices typically continue to climb, and mortgage rates generally experience a slight decrease. Here’s a closer look at what you can expect.
In election years, there’s a slight slowdown of sales in November, but they tend to bounce back fast and climb the next year.
Looking at the last eleven presidential elections, mortgage rates have historically come down slightly from July to November.
Prices generally follow the trend of what’s already happening in the market. Home prices usually rise, even in election years.
Sources: Bankrate, HUD, NAR, Freddie Mac
Stay up to date on the latest real estate trends.
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