Redfin saw pending home sales jumped 12.1% annually during the four weeks ending November 24, the biggest year-over-year increase recorded by the real estate brokerage since May 2021.

Pent-up early-stage homebuying demand finally showed signs of coalescing into actual sales activity, as Redfin reported that key statistics like home tours surged in the two weeks after the presidential election. Per home tour technology company ShowingTime, touring activity during that four-week period was down 8% from the start of the year. That may not seem great, but consider that in 2023, it was down 42% from the start of the year during the same-four week period.

Meanwhile, the seasonally adjusted Redfin Homebuyer Demand Index, a proprietary metric developed by Redfin that gauges the number of home tours and other homebuying services performed by the company’s agents, was up 7% from the same period last year, though it was down 5% from one month prior to hit its lowest level in more than two months. There’s also more supply for buyers to choose from, with new listings up 10.6% year over year; that’s the biggest annual bump since April.

There is a catch: In 2023, that four-week period included the Thanksgiving holiday, during which home sales are historically very slow. Is the hefty year-to-year bump a holiday-induced illusion, or is it a positive sign for housing market direction? The next few weeks of data will be key in making any broader reads, Redfin said.