{"id":77360,"date":"2024-01-18T05:00:58","date_gmt":"2024-01-18T13:00:58","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77360"},"modified":"2024-01-31T15:18:46","modified_gmt":"2024-01-31T23:18:46","slug":"housing-market-update-buyers-sellers-more-active","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-buyers-sellers-more-active\/","title":{"rendered":"Housing Market Update: Activity Is Picking Up in 2024, But Severe Winter Weather Keeps Some Buyers and Sellers on the Sidelines"},"content":{"rendered":"

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.\u00a0<\/span><\/i><\/p>\n

Homebuyers and sellers are gradually becoming more active as the calendar flips further into 2024. Mortgage-purchase applications are up 8% from a month ago, and Redfin agents report that lower mortgage rates are piquing buyers\u2019 interest. On the sell side, new listings increased 8% year over year during the four weeks ending January 14.\u00a0<\/span><\/p>\n

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\u2019s monthly housing payment is $2,456 with this week\u2019s average rate; while that\u2019s up 10% year over year, it\u2019s down from October\u2019s record high of over $2,700.\u00a0<\/span><\/p>\n

Redfin economists say buyer demand and listings would likely be picking up more if not for the <\/span>severe winter weather<\/span><\/a> much of the country experienced over the last week. \u201cWe expected both buyers and sellers to react more strongly to last month\u2019s drop in mortgage rates once the holidays passed, but frigid weather and snowstorms have halted a lot of buying and selling plans,\u201d said Redfin Economic Research Lead Chen Zhao<\/a>. \u201cAs long as rates don\u2019t shoot up, we expect the market to pick up as the spring season approaches.\u201d<\/span><\/p>\n

Redfin agents say weather conditions aside, buyers are feeling more optimistic. \u201cPeople who were casually house hunting when rates were higher are getting serious now,\u201d said Chicago Redfin Premier agent Dan Close<\/a>. \u201cBuyers 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.\u201d\u00a0<\/span><\/p>\n

Leading indicators<\/h3>\n\n\n\n\n\n\n\n\n\n
Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n
<\/td>\nValue (if applicable)<\/b><\/td>\nRecent change<\/b><\/td>\nYear-over-year change<\/b><\/td>\nSource<\/b><\/td>\n<\/tr>\n
Daily average 30-year fixed mortgage rate<\/b><\/td>\n6.88% (Jan. 17)<\/span><\/td>\nUp slightly from 6.78% a week earlier<\/span><\/td>\nUp from 6.07%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.66% (week ending Jan. 11)<\/span><\/td>\nNear lowest level since May<\/span><\/td>\nUp from 6.33%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 9% from a week earlier; up 8% from a month earlier (as of week ending Jan. 12)<\/span><\/td>\nDown 20%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nUp 10% from a month earlier (as of Jan. 16)<\/span><\/td>\nDown 13%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
We excluded Redfin\u2019s Homebuyer Demand Index this week to ensure data accuracy<\/span><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending January 14, 2024<\/b><\/p>\n

Redfin\u2019s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and\/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nFour weeks ending January 14, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$362,113<\/span><\/td>\n4.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$372,220<\/span><\/td>\n5.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,456 at a 6.66% mortgage rate<\/span><\/td>\n9.8%<\/span><\/td>\nDown nearly $300 from all-time high set during the four weeks ending Oct. 22<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n51,411<\/span><\/td>\n-3.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n48,507<\/span><\/td>\n7.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n762,737<\/span><\/td>\n-2.4%<\/span><\/td>\nSmallest decline since June<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.4 months<\/span><\/td>\n+0.3 pts.\u00a0<\/span><\/td>\n4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0<\/span><\/td>\n<\/tr>\n
Share of homes off market in two weeks\u00a0<\/b><\/td>\n25.1%<\/span><\/td>\nUnchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n44<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n23.2%<\/span><\/td>\nUp from 21%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n3.9%<\/span><\/td>\n+0.2 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.3%<\/span><\/td>\n+0.5 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending January 14, 2024<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.\u00a0<\/span><\/i><\/p>\n<\/th>\n<\/tr>\n

<\/th>\nMetros with biggest year-over-year increases<\/b><\/th>\nMetros with biggest year-over-year decreases<\/b><\/th>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\n\n

Anaheim, CA (16.6%)<\/span><\/p>\n

West Palm Beach, FL (14.8%)<\/span><\/p>\n

Newark, NJ (14.1%)<\/span><\/p>\n

Fort Lauderdale, FL (13.1%)<\/span><\/p>\n

Miami (12.8%)<\/span><\/p>\n<\/th>\n

\n

Oakland, CA (-3.4%)<\/span><\/p>\n

Austin, TX (-2.8%)<\/span><\/p>\n

Fort Worth, TX (-0.3%)<\/span><\/p>\n

San Antonio, TX (-0.1%)<\/span><\/p>\n<\/th>\n

Declined in 4 metros\u00a0<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nSan Jose, CA (10.6%)<\/span><\/p>\n

Detroit (9.5%)<\/span><\/p>\n

Milwaukee, WI (6.1%)<\/span><\/p>\n

Columbus, OH (5.6%)<\/span><\/p>\n

Pittsburgh, PA (4.7%)<\/span><\/td>\n

Newark, NJ (-14.3%)<\/span><\/p>\n

New Brunswick, NJ (-13.9%)<\/span><\/p>\n

New York (-13.2%)<\/span><\/p>\n

San Diego (-12.2%)<\/span><\/p>\n

West Palm Beach, FL (-11.3%)<\/span><\/td>\n

Increased in 13 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPhoenix (24.4%)<\/span><\/p>\n

Minneapolis, MN (22.1%)<\/span><\/p>\n

Pittsburgh, PA (19.1%)<\/span><\/p>\n

Houston (18.6%)<\/span><\/p>\n

San Antonio, TX (17.6%)<\/span><\/td>\n

Chicago (-13.8%)<\/span><\/p>\n

Atlanta (-10.2%)<\/span><\/p>\n

Newark, NJ (-7.3%)<\/span><\/p>\n

Providence, RI (-7.1%)<\/span><\/p>\n

Portland, OR (-5.6%)<\/span><\/td>\n

Declined in 10 metros<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Refer to our <\/span>metrics definition page<\/span><\/a> for explanations of all the metrics used in this report.<\/span><\/p>\n

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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.\u00a0 Homebuyers and sellers are gradually becoming more active as the calendar flips further into 2024. Mortgage-purchase applications […]<\/p>\n","protected":false},"author":13153,"featured_media":77361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[623,655,654],"dashboard":[],"coauthors":[124],"class_list":["post-77360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-national","tag-weekly-market-tracker","tag-weekly-market-update"],"acf":[],"yoast_head":"\nHousing Market Update: Activity Is Picking Up in 2024, But Severe Winter Weather Keeps Some Buyers and Sellers on the Sidelines<\/title>\n<meta name=\"description\" content=\"2024 is shaping up to be more active than 2023 for homebuyers and sellers, with mortgage applications and new listings rising. 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But Redfin economists believe demand and listings would be rising more if not for harsher-than-usual winter weather.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-buyers-sellers-more-active\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-18T13:00:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-31T23:18:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/01\/winter-670314_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dana Anderson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dana Anderson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-buyers-sellers-more-active\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-buyers-sellers-more-active\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Housing Market Update: Activity Is Picking Up in 2024, But Severe Winter Weather Keeps Some Buyers and Sellers on the Sidelines\",\"datePublished\":\"2024-01-18T13:00:58+00:00\",\"dateModified\":\"2024-01-31T23:18:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-buyers-sellers-more-active\\\/\"},\"wordCount\":756,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-buyers-sellers-more-active\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/winter-670314_1280.jpg\",\"keywords\":[\"national\",\"weekly market tracker\",\"weekly market update\"],\"articleSection\":[\"Housing Market News\",\"Weekly Market Update\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-buyers-sellers-more-active\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-buyers-sellers-more-active\\\/\",\"name\":\"Housing Market Update: Activity Is Picking Up in 2024, But Severe Winter Weather Keeps Some Buyers and Sellers on the Sidelines\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-buyers-sellers-more-active\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-buyers-sellers-more-active\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/winter-670314_1280.jpg\",\"datePublished\":\"2024-01-18T13:00:58+00:00\",\"dateModified\":\"2024-01-31T23:18:46+00:00\",\"description\":\"2024 is shaping up to be more active than 2023 for homebuyers and sellers, with mortgage applications and new listings rising. 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