2024 is shaping up to be more active than 2023 for homebuyers and sellers, with mortgage applications and new listings rising. But Redfin economists believe demand and listings would be rising more if not for harsher-than-usual winter weather.

Mortgage-purchase applications are up 8% from a month ago, and Redfin agents report that lower mortgage rates are piquing buyers’ interest, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. On the sell side, new listings increased 8% year over year during the four weeks ending January 14.

Buyers and sellers are making moves largely because mortgage rates are holding steady in the mid-6% range, down from 8% in October. The typical U.S. homebuyer’s monthly housing payment is $2,456 with this week’s average rate; while that’s up 10% year over year, it’s down from October’s record high of over $2,700.

Redfin economists say buyer demand and listings would likely be picking up more if not for the severe winter weather much of the country experienced over the last week. “We expected both buyers and sellers to react more strongly to last month’s drop in mortgage rates once the holidays passed, but frigid weather and snowstorms have halted a lot of buying and selling plans,” said Redfin Economic Research Lead Chen Zhao. “As long as rates don’t shoot up, we expect the market to pick up as the spring season approaches.”

Redfin agents say weather conditions aside, buyers are feeling more optimistic. “People who were casually house hunting when rates were higher are getting serious now,” said Chicago Redfin Premier agent Dan Close. “Buyers are feeling more confident that they can get good value for their money, and many first-timers are jumping in because Chicago rents are still rising. Homeowners who were waiting for the holidays to be over and rates to come down before selling are getting ready to list. I have several listings prepped to hit the market, some as early as this week and some throughout the rest of the first quarter.”

Leading indicators

Key housing-market data

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-buyers-sellers-more-active

Lending Tree analyzed the latest housing data and found that single women own 10.95 million homes, while single men own 8.24 million. That means single women own an average of 12.93% of the owner-occupied homes across the 50 states, versus 10.22% among single men.

States with the largest share of single women homeowners

1. Delaware
2. Louisiana 
3. Mississippi 
4. Alabama 
5. Florida

States with the largest share of single men homeowners

1. New Mexico 
2. North Dakota
3. Alaska
4. South Dakota
5. Wyoming
7. You can check out our full report here: https://www.lendingtree.com/home/mortgage/single-women-own-more-homes-than-single-men-do/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say. 

"Though single women are more likely to own a home than single men are, a majority of homes are nonetheless owned by couples and families. This goes to show that because homeownership is often so expensive, regardless of one’s gender, it can be very difficult to become a homeowner by yourself. This is especially true in today’s high price, high rate, housing market."