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 July 11, 2024…
Home prices hit a record high for the 9th consecutive week, per Redfin. The median sale price in the US is up 5% annually, but there are signs price growth could hit a wall soon. The average home in America is now selling for below list price, inventory is on the rise, and a big chunk of listings have been sitting on the market. Did we mention BlueBid never publishes days on market?
CBS News asked housing experts for mortgage rate predictions following the latest Fed Meeting. Most of them agree that near-term changes will be moderate at best.
Investors are buying a record share of homes, according to Realtor.com. While the average buyer has been stuck on the sidelines, investors accounted for 14.8% of purchases in the first quarter of 2024.
U.S. News & World Report offers its best mortgage advice and urges buyers in search of larger loans at lower rates to focus on debt-to-income ratio.
Fannie Mae released its recently updated Home Purchase Sentiment Index and observes positive sentiment trending in the right direction.
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.