Real Estate News 11/04/2024

Today’s News Synopsis:

Just under two in five (38%) U.S. residents who had already voted as of November 1 say housing affordability impacted their presidential pick. This is according to a Redfin-commissioned survey conducted by Ipsos on Oct. 31-Nov. 1, 2024. The nationally representative survey was fielded to 1,002 U.S. adults.

In The News:

Redfin – “38% of People Who Already Voted Say Housing Affordability Impacted Their Presidential Pick“ (11-04-2024)

“Respondents to a new Redfin-commissioned survey were most likely to say their presidential pick was impacted by the economy, inflation or protecting democracy.”

CalMatters – “This California proposition is drawing the most campaign spending“ (10-29-24)

“Of the more than $350 million raised so far by the campaigns supporting and opposing the 10 measures on the November ballot, more than half is going to Proposition 33, which would give cities more power to impose rent limits, and Prop. 34, which targets a nonprofit that is sponsoring Prop. 33 and has put previous rent control measures on the ballot.”

Realto.com –  “Mortgage Rates Surge to 6.72% as Homebuyers Wait for ‘Stability To Reemerge’” (10-31-2024)

“Mortgage rates increased from 6.54% last week to 6.72% for a 30-year fixed home loan for the week ending Oct. 31, according to Freddie Mac.”

Zillow –  “August 2024 S&P Case-Shiller Price Index: Home Price Growth Continues to Stall“ (10-29-24)

“Nationally, prices rose 4.2% year-over-year in August, down from 4.8% in July and from a recent peak of 8.3% earlier this year in March.”

Redfin –  “Housing Market Stays Surprisingly Active As Election Looms and Mortgage Rates Hit 7%” (10-31-24)

“Even with the impending presidential election and mortgage rates surpassing 7% for the first time since July, pending home sales posted their biggest increase in three years. But Redfin agents report some would-be homebuyers are pressing pause on starting their house hunt until the election passes. ”