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  • Writer's pictureChris Mackey

Bluebid Buzz: September 22

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 September 22, 2022…

  • Scant housing inventory continues to elevate prices. The National Association of Realtors reports that existing-home sales decreased 19.9% annually in August, marking the seventh consecutive month of declines. Median prices, however, rose 7.7% annually.

  • The Wall Street Journal reports on the growing trend of American homeowners leasing their homes out rather than listing them for sale in an uncertain market.

  • A week ago, I talked about the rising US cost of shelter and the upward pressure it’s putting on inflation…

    • On Wednesday, Chairman Jerome Powell said the Fed will ‘plan for the worst’ on shelter inflation, and that he believes it will remain high for some time.

    • Similarly, David Harrison from the Wall Street Journal talked about cost of shelter emerging as a major driver of overall consumer inflation.

  • Per CNBC, the Chief Economist for Realtor.com, Danielle Hale, says homeowners ‘eagerness to sell’ has been impacted by the housing market’s refresh with newly-listed homes down 13% in August.

  • Bloomberg reports Opendoor – a company I’m a fan of – lost money on 42% of its transactions in August in a sign that estimates of what real buyers are willing to pay need to be considered with extreme caution in a softening housing market.

  • Zipporah Osei asked Boston.com readers whether or not they trust Zillow’s Zestimates, and the early results weren’t looking good for fans of the popular metric. While Zestimates can be a great starting point, I tend to believe your home is only worth what buyers are willing to pay for it.

  • The WSJ’s weekend interview with Kenneth Jackson of Columbia University is a history lesson on the rise and breakdown of the American Dream of homeownership.


Have a great week.

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