Bluebid Buzz: February 23
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 February 23, 2023…
Plenty to talk about this week with home sales potentially bottoming, concerning new data on home value trends since June's peak, summer rental markets seeing more inventory than usual, and existing home sales hitting levels not seen in 12+ years. Even still, low inventory and unremarkable selection persists!
USA Today offers evidence that home sales are bottoming, as current sales activity is even weaker than the lockdown month of April 2020.
Redfin says U.S. homeowners have lost $2.3 trillion in value since June’s peak, and home values are holding up better in the suburbs than in cities.
Boston.com reports the Cape Cod summer rental market has been flooded with inventory compared to last year.
GeekWire shares its takeaways from recent Redfin and Zillow financial reports. Redfin believes persistently low inventory means sales volume will be more volatile than home prices in 2023.
CNBC writes that existing home sales dropped to the lowest level in more than 12 years in January, but the pace of decline slowed. Meanwhile, Realtors are observing relatively stable prices and a standoff between buyers and sellers.
This piece from the New York Times outlines the cause and effect of depressed housing inventory, uninspiring selection, and the risk of America becoming a country of renters – basically all of the reasons we felt compelled to launch Bluebid Homes. By creating a viable option for millions of passive sellers, we're ultimately building a larger, higher quality housing market.
Have a great week.