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.