The Bluebid Buzz is a regular summary of housing market news and data driving our decision-making at Bluebid Homes.
Here's the Buzz for the week of December 28, 2023…
After a strong few months, Zillow writes new home sales slipped 12.2% from the previous month in November.
We've talked a lot about the lock-in effect of mortgage rates limiting the number of homeowners willing to sell and give up their lower rates. Business Insider expects a boost to supply when mortgage rates approach the 5% range.
Fortune says it takes more than just a year for the market to really change, and we shouldn't expect meaningful difference in the housing market until 2025, according to Yahoo Finance.
Redfin's housing market update shows homebuying demand improving following weeks of declining rates and a double-digit increase in new listings.
The CEO of Re/Max joined CNBC and shared his opinion that the US is short 4.5 to 5 million homes. We agree there's a massive shortage on traditional listing services. We've always maintained poor marketplace design - and the headaches that come with published price history and days on market - play a big role in the housing shortage. Just last year, Forbes wrote that 16 million homes sit empty in the United States.
Have a great week.
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.