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  • Writer's pictureChris Mackey

Bluebid Buzz: October 20

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 October 20, 2022…

  • According to a recent report from Redfin, US homes sales dropped 25% year-over-year in September, while new listings fell 22%, and approximately 60,000 deals – or 17% of homes that went under contract – fell through. Demand has fallen off a cliff, but Redfin says prices remain elevated thanks to inflation and fewer homes being listed for sale.

  • CNBC says homebuilder sentiment has dropped by half in the last six months. Current sentiment sits at its lowest level since 2012, except for a brief period in the early days of the pandemic.

  • writes home sales in Massachusetts have plummeted year-over-year, with single family sales down 16.2% annually and condos down 22.9%. Even still, prices continue to rise.

  • The WSJ reports buyers are increasingly waiting on the sidelines for mortgage rates or home prices to fall. Despite low-yields, buyers are placing would-be down payments in savings accounts.

  • CNN notes that banks reporting third quarter earnings have revealed weakening homebuying trends. JPMorgan home lending revenue was down 34% annually, while Wells Fargo saw a 52% decline over the same period.

  • While housing inventory continues to plunge, Bluebid Homes has added hundreds of housing units to its platform in recent weeks that won’t be found on the market.

Have a great week.


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