Bluebid Buzz: July 13
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 July 13, 2023…
Both home prices and mortgage rates are on the rise again, supply remains depressed, and new reports quantify the impact of the housing crunch on agents and renters.
CNBC says home prices are hitting new highs again, as high rates put the squeeze on supply.
Redfin shares that the median U.S. home-sale price rose 1.5% from a year earlier during the four weeks ending July 9, the first increase in nearly five months. The company also notes average weekly mortgage rates are at their highest level since November 2022.
A report from Black Knight shows 27 of the 50 largest markets – primarily in the Midwest and Northeast – have returned to their prior home price peaks, or set new highs this spring.
Inventory shortfalls aren't only impacting buyers, as Boston.com writes a prospective renter in Greater Boston has to compete with a dozen other home shoppers on average for the same vacant unit.
A newly released report from the National Association of Realtors shows that nearly a third of Realtors say the lack of housing inventory is preventing them from finding appropriate listings for their clients. Bluebid Homes offers a new path forward for all parties, as we've tapped into a large, growing population of owners who are open to explore selling privately and without the pressure of published days on market.
Have a great week.