Bluebid Buzz: July 20
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 20, 2023…
Mortgage rates are down slightly, applications posted big gains, new construction cooled, and inventory shortages continue to make life difficult for buyers.
As rates dipped modestly last week, Mortgage Bankers Association says applications increased 27% compared to the previous week.
Following gangbuster numbers in May, the US Census Bureau reports privately-owned housing starts for June took a step back. The seasonally adjusted annual rate of 1.43M missed forecasts by 8%.
Just hours before June's disappointing data was released, Business Insider called new construction the only hope for those trying to buy a new home in today's broken housing market. While we can think of at least one company working to give buyers a fighting chance, we agree with the author's take on what's broken!
CNBC published its list of the 10 strongest housing markets in America and says Florida is in a class by itself.
Yahoo shares notes from Goldman Sachs' latest economic forecast, and the leading global investment bank predicts only faint increases in home prices through 2026.
According to Redfin, home prices in Massachusetts were up 4.4% annually in June (outpacing a 2% rise nationally), while supply was down 23.5% year-over-year.
By popular demand, we've added listing alerts for buyers on Bluebid Homes. Many thanks to our users for your patience on this one! The offering is part of a broader reimagining of our user experience, and it's representative of the customized, buyer-focused features you'll be seeing more of now that the platform has accelerated above and beyond our early inventory targets. While the market has wreaked havoc on buyers, it hasn't exactly been easy on sellers. Rising rates depress buyers' purchasing power, and the high prices of a year ago are far from guaranteed. Homeowners who are on the fence about selling can explore doing so privately - and without the pressure of published days on market - with Bluebid Homes.
Have a great week.