The Buzz is a regular summary of housing market news and data driving our decision-making at Bluebid.
Here's the Buzz for the week of March 14, 2024…
Redfin's latest housing market update shows mortgage rates down slightly, mortgage applications up 5% week-over-week, and new listings up 13% annually - the biggest increase observed since June 2021.
USA Today provides a nationwide breakdown of home prices, and California accounts for 4 of the 5 most expensive counties in America.
CNBC writes buyers need to earn 80% more than in 202 to afford a house in this market, and it's not just due to mortgage rates. Tight supply also contributes to upward pressure on prices.
Still, NBC News says buyers and sellers are starting to make peace with high rates rather than holding out for sweeter deals.
The White House unveiled its new housing affordability proposal aimed at unfreezing the housing market and incentivizing owners to sell their "starter homes" with a $10,000 tax credit.
We've spoken extensively about the unwillingness of American homeowners to give up their current low rate mortgages and the logjam it has created in the housing market. It's a big reason thousands of sellers are taking full advantage of the path forward created by BlueBid, where owners test the market and receive advice from top agents - without listing on the MLS and accumulating days on market.
Have a great week.
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.