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  • Writer's pictureChris Mackey

Bluebid Buzz: July 6

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 6, 2023…

  • Mortgage rates rose slightly this week, affordability has worsened in most markets, mortgage demand took a step back, and inventory remains depleted.

  • CNBC says mortgage demand to purchase a home, which had been rising for three straight weeks, dropped 5% for the week. The average 30-year fixed-rate mortgage rose from 6.75% to 6.85% over the same period.

  • believes higher rates have led to an even larger problem: a worsening shortage of homes for sale. Homeowners have been reluctant to trade up or down, or relocate and give up their record-low mortgage rates.

  • Business Insider writes housing affordability worsened in 98% of US counties last quarter, per data from the analytics firm ATTOM.

  • HousingWire shares that in some markets there are now 2-3x more homes listed on Airbnb than for sale, and some believe the situation has robbed the housing market of inventory.

  • With housing inventory hard to come by, USA Today digs into the baby boomer generation's propensity to age in place. They note 38% of American homeowners age 65+ have lived in their home for more than 30 years, and another 39% have lived in their current home for more than a decade.

  • 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.


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