Bluebid Buzz: October 5
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 5, 2023…
While home prices have stubbornly risen in the face affordability hurdles and softening mortgage demand for some time, data shows buyers' negotiating power is finally improving.
Reuters reports mortgage rates rose to their highest levels since November 2000 last week.
Unsurprisingly, CNBC says the spike in rates coincided with mortgage demand falling to lows unseen since 1996.
Despite affordability challenges and softening mortgage demand, Markets Insider observed soaring home prices setting another record.
Zillow shares that the new listings drought has modestly improved, and negotiating power is (finally?) swinging toward buyers.
Redfin announced its decision to leave the National Association of Realtors this week. The company's CEO stopped short of a complete exodus, however, as approximately half of US cities require NAR membership in exchange for access to MLS listings.
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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.