Real estate analysts often examine a hangover effect on days after major holidays when homebuyers may be less likely to think about looking at listings. Analysts at Redfin took a closer look at activity on their site the day after the election, and found a decrease that was somewhat more pronounced than they found on other hangover days, and lasted through the week.
Analysts determine "homebuyer activity" as a combination of Redfin.com users favoriting homes and requesting tours or making offers. On Wednesday, November 9, those numbers fell 20.6 percent compared with the previous Wednesday. Historically, the second Wednesdays in November had seen growth of about .4 percent, and the Wednesday after the 2012 presidential election saw an increase in activity of about 1.3 percent.
By Saturday, November 12, activity was up 4.8 percent when compared week over week for the past three years.
In a statement, Redfin's chief economist Nela Richardson said the housing market has responded similarly to the stock market after the election.
"Redfin data shows an initial dramatic decline in homebuying activity followed by a quick recovery," said Richardson. "While Trump's policies may have a long-term effect on housing, the post-election homebuyer hangover was short-lived."
Know of an interesting property in the Philadelphia or South Jersey region? E-mail us!