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 February 29, 2024…
Redfin's most recent market update shows more sellers listing their homes, but 7% mortgage rates and still-high home prices continue to weigh on sales. We believe this a development worth keeping en eye on, as the housing market's main bottleneck has been supply for quite some time.
Recently released data from S&P shows home prices ended 2023 on a high note - up 0.2% for December and 5.5% for the year. Prices are slowing in the face of limited inventory and high mortgage rates, however, writes U.S. News & World Report.
Hopes have been high for a robust housing market this spring, but CBS News says mortgage rates hovering in the range of 7% means we should expect a prolonged housing winter.
CNBC outlined its list of the hottest housing markets for the super rich in 2024, as 25% of American ultra-high-net individuals plan to buy a home this year.
We blew past 4,000 listings on BlueBid recently, and our inventory has consistently marched higher regardless of what's going on elsewhere in the housing market. With dizzying headlines and conflicting data dominating the news, we're choosing to focus on what we can control: building a better platform and a more welcoming path to homeownership.
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.