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  • Writer's pictureChris Mackey

Bluebid Buzz: August 24

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 24, 2023…

  • Buyers continue to struggle with low inventory and high prices, mortgage rates are at their highest levels in 21 years, demand for mortgages hit a 28-year low, and new construction sales have outpaced existing home sales in a big way.

  • Axios tells a tale of two housing markets, as new construction home sales climbed 32% annually in July and existing home sales fell 17%.

  • Yahoo Finance further explains how builders have been cashing in on the shortage of previously owned homes on the market.

  • ABC News says buyers are on the fence and struggling with a lack of inventory and housing affordability, as mortgage rates climbed to their highest levels in 21 years last week.

  • Mortgage demand has hit a 28-year low, according to CNBC.

  • While we don't want to see America become a nation of renters, the supply shortage would be even worse without the strongest apartment construction boom seen since the 1970's - as reported by RentCafe.

  • compares today's housing market to the 1980s - when mortgage rates hit 18.63% and remained in double digits for most of the decade. This market will ultimately rebound, just as that one did. If activity at Bluebid Homes - where quality listings are piling up - is any indication, buyers will be handsomely rewarded for their patience as the market turns.

Have a great week.


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