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  • Writer's pictureChris Mackey

Bluebid Buzz: September 21

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 September 21, 2023…

  • Home sales are down, interest rates have ticked back up, a jump in mortgage applications signals demand on deck, and slowing new-home construction won't help the inventory crunch.

  • According to the National Association of Realtors, existing home sales dropped 15.3% annually in August. The group says sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West.

  • Mortgage Bankers Association says mortgage applications increased 5.4% last week, despite the 30-year fixed mortgage rate edging back up to 7.31% - its highest level in 4 weeks.

  • A majority of buyers on our platform at this stage in its evolution are searching for single family homes in Massachusetts, and a new report from the Warren Group shows single family sales down 23.6% annually in the Commonwealth. The biggest culprit? Lack of inventory.

  • CNN writes that housing starts, a measure of new-home construction, last month dropped to its lowest level since June 2020.

  • provided readers with an updated breakdown of the Massachusetts housing market. Of particular interest to our team is their inventory chart for 2004-2023. While it's not pretty - especially if you're a buyer in Greater Boston - it shines a spotlight on the need for what we're building at Bluebid. 99.7% of homes in Massachusetts don't appear on traditional listing services. At a time when many owners are reluctant to subject themselves to the pressure of published days on market, we recently announced our inventory has surpassed 1,600 off-market listings. Would you like to privately explore selling? You can claim your home on our platform to begin fielding confidential buyer inquiries.

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.


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