Bluebid Buzz: August 10
The Bluebid Buzz is a regular summary of housing market news and data driving our decision-making at Bluebid Homes.
Disclaimer: Views expressed here are my own and not the views of my coworkers or anyone else. I am not a financial advisor, investment advisor, or housing expert. I’m just a guy who cares deeply about saving the American Dream of homeownership.
Here's the buzz for the week of August 10, 2023…
More of the same this week in the housing market, as supply shortages persist and heightened mortgage rates fuel affordability challenges.
Yahoo Finance says active listings are still down 48% compared to pre-pandemic levels, and supply has only rebounded in 7 of the nation’s 200 largest markets.
Bankrate reports the current average interest rate for a 30-year fixed mortgage is up 6 basis points this week to 7.37%, while the Motley Fool hears some experts calling for a return to rates under 6% by the end of the year.
Redfin shares that the typical U.S. homebuyer’s monthly mortgage payment was $2,605 during the four weeks ending July 30, up 19% from a year earlier and down just $32 from early July’s all-time high.
A recent Zillow survey found homeowners who report rates below 5% are nearly twice as likely to not consider selling.
According to Realtor.com, homeowners seem resigned to waiting for market conditions to change. For many, starting the clock on published days on market is just too high of a hurdle to clear in the current environment. Fortunately for those homeowners (and buyers), Bluebid Homes allows anyone on the fence to privately explore selling on their own schedule.
Have a great week.