\n(NASDAQ: RDFN) \u2014 U.S. pending home sales rose 12.1% year over year during the four weeks ending November 24, the biggest increase since May 2021. That\u2019s according to a new report<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage.<\/p>\n
\nOne reason for the outsized increase is that early-stage homebuying demand, including home tours, boomed in the two weeks following the presidential election. But another notable reason is that Redfin is comparing it to a period in 2023 that included Thanksgiving, a time of year when home sales are typically very slow.<\/p>\n
\nRedfin will know in the next few weeks whether the increase in pending sales is a Thanksgiving mirage or a sign of sustained strength in the housing market.<\/p>\n
\nMortgage purchase applications are up 12% week over week, though home tours and other early-stage signals have tapered off. Redfin\u2019s Homebuyer Demand Index\u2014a measure of tours and other buying services from Redfin agents\u2014fell to its lowest level in over two months during the week ending November 24, though it\u2019s up 7% year over year. The recent dip in early-stage demand follows two weeks of big upswings; the demand index hit its highest level in nearly a year and a half in mid-November.<\/p>\n
\nOn the selling side, new listings are up 10.6% year over year, the biggest increase since April. That\u2019s also due partly to the fact that Thanksgiving fell into last year\u2019s comparable period. Like the surge in pending sales, Redfin will know more soon about whether the improvement in new listings is here to stay.<\/p>\n
\nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.<\/p>\n Leading indicators<\/b><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20241127987879\/en\/1407505\/3\/Redfin_Standard_Web_Logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n