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  • Writer's pictureChris Mackey

Bluebid Buzz: June 8

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 June 8, 2023…

  • This week brings persistently volatile mortgage rates, less-than-typical seasonality, new listings down 23% annually, home values rising, and all-cash purchases at their highest levels since 2014.

  • Despite rates ticking slightly lower, mortgage applications fell 2% for the week and 27% annually, according to CNBC.

  • Given continued mortgage rate volatility, USA Today says we should expect less seasonality this year than we had prior to the pandemic.

  • Redfin observes 33.4% of April home purchases were made in cash, as all-cash home purchases reached their highest levels since 2014.

  • Zillow shares that May new listings are down 23% annually, and the typical U.S. home value climbed 1.4% from April to May.

  • In our neck of the woods, the Boston Globe writes that homeowners facing high mortgage rates and historically low inventory are increasingly choosing to stay versus sell - the Massachusetts Association of Realtors reported the lowest number of single-family homes and condos for sale in April since it began tracking the data in 2004. Bluebid Homes offers a viable alternative to listing on the open market, as homeowners can privately explore selling on their own schedule and without published days on market.

Have a great week.


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