Bluebid Buzz: August 31
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 31, 2023…
Mortgage rates have dipped slightly from multi-decade highs, pending home sales rose modestly, stubbornly low inventory reflects affordability challenges, and buyers are seeing less competition from investors.
Mortgage News Daily says that in the space of just 2-3 short days, rates have moved from multi-decade highs to the lowest levels in 3 weeks.
Markets Insider observes buyers facing less competition from investors, as investor purchases have fallen 45% annually.
According to Redfin, pending home sales inched up in July - rising 0.7% from a month earlier to the highest level since the start of the year.
Realtor.com provides an uncomfortable look at the housing market's inventory crunch nationally, as the number of homes for sale sits 7.9% below levels seen a year ago.
Closer to home, NBC Boston writes that severely limited inventory means buying is out of reach for many Massachusetts residents.
Bankrate reports home values have held steady even as mortgage rates have soared past 7 percent, reaching their highest level in more than 20 years in August. The culprit is a lack of housing supply. Bidding wars have returned, and inventories remain frustratingly tight. At last count, there were 4,585 active single-family listings across the Commonwealth. Meanwhile, Bluebid Homes offers buyers an incremental 1,566 homes (as of 8/30) they won't find anywhere else - without the bidding wars and pressure of published days on market.
Have a great week.