Bluebid Buzz: December 15
As a benefit to the homeowners and homebuyers using our platform, I share a regular summary of housing market news and data driving our decision-making here at Bluebid Homes. We call it the Bluebid Buzz.
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 December 15, 2022…
The Federal Reserve raised interest rates another 50 basis points this week. Most Fed officials now expect rates to peak between 5% and 5.5% in 2023 after previously anticipating a peak of approximately 4.6%, says the WSJ. While the Fed doesn’t set mortgage rates, its decisions are a primary influencer.
A recent report from Redfin says new listings declined by more than 20% annually during the four weeks ending December 4. Meanwhile, the company’s Homebuyer Demand Index has rebounded from its low point, up 5% in the same timeframe.
According to CNBC, property search queries suggest nearly 25% of homebuyers want to move to a different city or state.
Fortune says that while researchers are divided on where home prices go from here, all 51 regional housing markets tracked by the Black Knight Home Price index have fallen off their 2022 peaks. High-cost west coast areas and high-growth boomtowns have been hit hardest.
According to Techsprouts, Redfin’s deputy chief economist says many sellers have no plans to return to the market anytime soon.
It’s no surprise to see fewer new listings, as a shaky economic backdrop means more homes will sit on the market longer and be forced to lower asking prices. That’s why more owners are claiming their homes on Bluebid – where days on market are not published.
Have a great week.