How does the election affect the housing market?

Existing home sales missed expectations falling to a 14-year low as high mortgage rates weigh on the housing market. With the US presidential election just weeks away, Mortgage Bankers Association board of directors member and Mphasis Digital Risk founder and managing director Jeff Taylor sits down with Alexandra Canal to take a look at a Vice President Kamala Harris or former President Donald Trump win could revamp the housing market. “Each candidate has their own policies. You’ve got Harris saying ‘Look, I want to put $25,000 toward homebuyers assistance in different credits to help them get their home buyers or builders.’ As far as building first homes, Donald Trump wants to preserve [tax incentives] for homebuyers,” Taylor says. Taylor expects housing market activity will tick up in 2025, whether it’s a Trump or Harris White House. “We’ll do about 4.6 million units. We’re projected to do 5.9 million units next year. That’s a combination of purchase and refinance. So that really kind of tells us that with these interest rates dropping, we’re going to see a lot more activity in the housing market as well as builders at all-time highs as far as producing houses. So all that comes together. I see a stable housing market going forward. The big issue will probably be affordability.” Taylor says that some policies proposed by the presidential candidates could help the housing market but notes, “Those are all little kind of arrows in the quiver at the end of the day. We still need more supply in the marketplace. We need steady jobs, and we need interest rates that are going to be about 150 basis points lower. That will create a lot more activity in the housing market and continue this very solid industry housing market that we’ve had now for about 15 years.”
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