07/25/2024
Does an election year breed housing market instability? This is what the data shows...
1) History shows us presidential elections have had a small, temporary impact on the housing market.
2) Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal. Ali Wolf, Chief Economist, Zonda
3) In 9 of the last 11 elections, home sales increased the next year.
π As for home prices...what should we expect in an election year?
1) An election year doesnβt alter the price trend that is already happening in the market.β Ryan Lundquist, appraiser and housing analyst
2) Home prices increased after 7 of the last 8 elections, 2009 being the exception.
π Barring the use of a crystal ball, what should we expect with mortgage rates?
1) Per Freddie Mac, in 8 of the last 11 presidential election years, rates decreased from July to November.
2) Most 2024 forecasts predict that rates will ease throughout the remainder of the year leading up to the election. Great news for hopeful buyers entering the market.