Bluebid Buzz: October 26
The Bluebid Buzz is a regular summary of housing market news and data driving our decision-making at Bluebid Homes.
Here's the Buzz for the week of October 26, 2023…
This week brings reasons for optimism in the housing market with pending home sales stronger than expected, sales of newly built homes surging, and new listings seeing an uptick for the first time since July 2022.
Pending home sales unexpectedly increased 1.1% on a monthly basis in September, according to the National Association of Realtors. Contract signings were up in the Northeast, Midwest and South but decreased in the West.
CNBC digs into the impact of 8% mortgages in a housing market that was already dealing with high prices and tight supply.
Zillow says newly built single-family home sales skyrocketed 12.3% on a monthly basis and 33.9% year-over-year in September. As mortgage costs have priced many Americans out of the market for existing homes, builders can often offer incentives to partially offset the cost of new homes.
The Mortgage Reports surveyed a panel of experts on 2024 predictions for home prices, mortgage rates, inventory, likelihood of a crash, etc.
Redfin writes that new listings finally saw an uptick for the four weeks ending October 22 - the first increase since July 2022.
Our team observed accelerating buyer and seller activity on the off-market housing platform at Bluebid over the past week - yet another reminder that typical seasonality doesn't apply to the current housing 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.