The Buzz is a regular summary of housing market news and data driving our decision-making at BlueBid.
Here's the Buzz for the week of August 2, 2024…
Realtor.com published its July 2024 Monthly Housing Market Trends report, and it shows active listings up 36.8% annually. The number of homes for sale in the United States now sits at a post-pandemic high.
Many expect to see the first Fed interest rate cut in years come September, and the market has reacted accordingly. CNBC explains what homeowners and buyers should know if it happens. The 30-year fixed mortgage rate declined to 6.78% on July 25 - down from 7.22% on May 2.
A recent report from the National Association of Home Builders explains the rising costs of building materials (increases began pre-pandemic) and how soaring prices impact housing. Fortunately, price growth slowed dramatically in 2023.
August 17 is the deadline for the brokerage industry to implement various changes to related MLS policies, offers of compensation, written agreements for buyers, etc. The National Association of Realtors detailed the work being done in preparation.
According to CNN, a $1 million starter home is now the norm in more than 200 cities across the United States, as price tags have nearly tripled in the past 5 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.