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 9, 2024…
Consumer housing sentiment remains low, according to Fannie Mae. Only 17% believe it's a good time to buy, despite aspirations to own a home. Fannie Mae's Chief Economist believes household incomes are too low relative to potential mortgage or rent payments.
The NAR lawsuit settlement provisions go into effect on August 17th. Time provides a breakdown of the changes and how the industry is getting ready.
The July jobs report wreaked havoc on stock portfolios, but U.S. News & World Report sees the dismal numbers as a blessing for homebuyers. Mortgage rates just plunged to the lowest levels since mid-2023, and some lenders have been offering 30-year fixed rate mortgages below 6% since the jobs report was published.
Perhaps it's no surprise that mortgage refinancing demand saw a big jump higher as rates finally budge lower, according to CNBC.
Redfin says the US housing market is approaching $50 trillion in value, and there are now 8 metros valued at over $1 trillion each.
We recently surpassed 10,000 homes listed on BlueBid, and we're coming off our biggest week ever for new homes on the platform. We've partnered with some of the best agent teams in America to assist our buyers and sellers, and we're onboarding new teams each week. Whether you're looking to move next week or next year, BlueBid has never been better positioned to help you start the process.
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.