How a 16-Month Real Estate Battle Changed the Way Washington Homes Come to MarketInside the new NWMLS First Look option and what it means for buyers and sellersBy Sean JeffreyRE/MAX Whatcom
Election Year Impacts....What Does History Show Us?
Dated: October 11 2024
Views: 575
Impact of 2024 Election on Real Estate Market
- Presidential election years influence the national housing market and mortgage rates through uncertainty, policy expectations, and consumer confidence.
Seasonal Trends in Sales
Sharp Drop in Sales in Presidential Election Years
- In non-presidential election years, the percent change in actual monthly new home sales from October to November was -9.8%, while in presidential election years, it was -15.0%.
- Sales lost during November in election years are typically recovered in December and the following year as consumers wait to see how things play out.
Historical Trends Post-Presidential Elections
Home Sales
- After 9 out of the last 11 presidential elections, U.S. annual existing home sales increased in the year following the election.
Home Prices
- Existing home prices went up after 7 of the last 8 presidential elections, with a consistent upward trend in median sales prices.
- New home prices also increased after 10 of the last 11 presidential elections, indicating a positive price trend post-election.
Mortgage Rates
- Leading up to 8 of the last 11 presidential elections, mortgage rates decreased from July to November, potentially impacting affordability for homebuyers.
Consumer Behavior and Market Outlook
- Election results are unlikely to have a direct effect on most Americans' income, thus should not significantly impact their decision to buy or sell a home.
Need Real Estate Advice? Call Sean Jeffrey @ 360-961-2483
Sean Jeffrey
I graduated from the University of Washington in 1993 with a Bachelor of Arts degree in Communications/Public Relations. Soon after college, I moved to Eugene, Oregon, where I supervised stadium and t....
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