Bluebid Buzz: September 28
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 28, 2023…
Mortgage rates are the highest they've been in 2 decades, too many Americans feel "trapped" in their current housing situation, and elevated home prices defy logic (with an assist from depleted inventory).
The CEO of Redfin says the only good thing right now about the US housing market is that it can't get much worse from here, according to Markets Insider.
The latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of US home prices, show that 19 of the 20 major metro markets reported month-over-month price increases.
The NY Post says Florida has overtaken New York State as the nation's second most valuable housing market.
Boston.com reports that 1 in 3 people feels "trapped" in their current housing situation.
New construction sales have represented the most resilient segment of the housing market in 2023, but Yahoo Finance writes sales of newly built homes decreased 8.7% last month.
Realtor.com took on the gargantuan task of explaining the many head-spinning contradictions of today's housing market. Prices continue to rise despite high mortgage rates, and the promise of homes coming to market never comes to fruition. Meanwhile, Bluebid Homes continues to add off-market listings at an accelerating clip. Our value proposition is resonating with homeowners - we hit 1,700 homes on platform this morning - and represents a new path forward for buyers that have been forced to the sidelines in recent years.
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.