Bluebid Buzz: July 27
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 27, 2023…
Mortgage rates remain largely unchanged, mortgage applications are down, new construction sales are picking up some of the slack in the housing market, prices were up again after dipping in May, and the Fed raised interest rates (again).
CNBC says mortgage applications dropped 3% for the week and 23% annually as the average rate for 30-year fixed-rate mortgages remained unchanged at 6.87%.
Zillow writes that sales of new construction single-family homes are still showing strength, with June sales up 23.8% annually to 697,000 units and a median price of $415,400.
A recent report from Redfin shows home prices up 3% annually, the biggest increase since November.
The National Association of Realtors observed pending home sales registering a modest 0.3% monthly increase in June - its first increase since February. The South and West posted losses while sales in the Northeast and Midwest grew.
Following the Fed's decision to raise interest rates (again) on Tuesday, Chairman Jerome Powell said the housing market could have a ways to go before prices cool, according to The Hill.
Business Insider cites a July report in which Moody's strategists said high mortgage rates will hurt homebuyers for years to come. No matter what happens with rates longer terms, buyers can benefit from growing pool of differentiated supply listed with Bluebid Homes.
Have a great week.