Which demographic group is buying more homes?
According to recent data from Realtor.com® SINK women is among the fastest growing demographics among homebuyers in the U.S. SINK stands for ‘single-income, no kids’, and the amount of homes bought by women SINKs has been trending upwards.
Single women made up 19% of all homebuyers in 2023 according to the National Association of Realtors®. The U.S. Census Bureau reported that single women own 20.3 million homes in the U.S., while single men own only 14.9 million.
Realtor.com® senior economist Ralph McLaughlin stated, ““Single-female homeownership tends to be in more aged markets, and at least partially reflects the fact that females tend to outlive males and that older females are more likely to be divorced and widowers.”
When it comes to locations, the top metro area for SINK women is really diverse. Barnstable Town, MA, Topeka, KS, and Rocky Mount, NC are the top three locations for single female homeownership in 2022.
Where did mortgage rates start this week?
The national average rate for a 30-year, fixed-rate mortgage slid 0.03% to 6.53%* on Monday. Market watchers felt that Monday’s session was a hangover from Friday’s strength, and didn’t really have any meaningful data behind it.
The Fed event at Jackson Hole kicked off on Monday, and it will wrap on Friday with Chairman Powell’s speech. There’s a non-zero chance that we’ll drift until then, but we’ll get more Fedspeak today and the FOMC meeting minutes on Wednesday. This could be a slow week that leads into an eventful Friday.
Which markets are shifting to a buyer’s market?
Mortgage rates have drifted lower, and certain markets are starting to see home prices and market conditions shift more towards a buyer’s market than the seller’s market we’ve seen for the past few years.
Recent data shows that the biggest change towards a seller’s market is occurring in the Sun Belt states that were so hot during the pandemic. There are currently 41 metro areas that are seeing such a shift according to data provided by ResiClub Analytics.
Metro areas like Austin, TX, Punta Gorda, FL, and Huntsville, AL have seen a dramatic increase in available home inventory over the past year, and are starting to return to pre-pandemic levels.
*National average rates as of 8/19/2024 are included for educational purposes only and are not advertised rates from Owning.
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