U.S. home sales should rebound following November’s presidential election, regardless of who wins, Douglas Elliman, a broker at Noble Black, told CNBC.
While luxury areas such as Miami and the Hamptons in New York have been busier than usual, there’s been pent-up demand for homes in the broader residential market, said Black, who has more than $3 billion in sales and has brokered several record-breaking New York deals.
“People who have kind of stood on the sidelines; they seem to be waiting until the election has settled,” Black said. “It doesn’t really matter who wins the election, but once that’s settled people come back into the market.”
As of Aug. 8, the average 30-year fixed-rate mortgage stood at 6.47%, its lowest rate since May 2023. If that downward pressure continues, it could bring buyers who are more sensitive to rate changes back into the market, Black said, as areas with low and no income taxes, such as those in North Carolina and Texas, also benefit, according to Black.
“All of the indications are that we’re going to have a good third quarter and especially fourth quarter when some things are settled,” after the Nov. 5 election between Vice President Kamala Harris and former President Donald Trump.
Source: CNBC
