More buyers are touring homes and applying for mortgages as the 2024 housing market enters its home stretch, according to a new Redfin report.

Redfin found its Homebuyer Demand Index is near its highest level since September 2023, up 7% from last year. Meanwhile, mortgage applications are up 17% from last month, making their highest level since last January. 

During the four weeks ended Dec. 1, pending home sales were also up, rising 6.5% from last year, which Redfin said is on par with the annual increases it’s seen over the past two months. 

Redfin attributes the recent surge in house hunters, despite high mortgage rates and home prices, to buyers waiting for the election to pass and becoming more accustomed to the elevated mortgage rates, which are unlikely to drop anytime soon.

Redfin Premier agent Mimi Trieu said the market is strong with a lot of pent-up demand after a slow summer and early fall 

“Buyers realized mortgage rates may not drop below 5%, and probably not below 6%, in the near future. They are also noticing there are not many desirable, move-in ready homes for sale that are priced reasonably, so they’re pushing forward and negotiating for good deals. Homes that have been sitting on the market since the summer or early fall are finally selling.”

During the four weeks ended Dec. 1, the median mortgage payment at a 6.81% mortgage rate was $2,556, a.3% change year over year and the lowest it’s been in two months. Meanwhile the median asking price rose 5.1% to $382,723 while the median sale price increased 6.1% to $383,460. 

More sellers also hit the market. New listings rose 3% compared to last year.