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 19, 2024…
Realtor.com reports single-family home construction dropped for the 4th consecutive month in June as builders wait for rate cuts. Market dynamics have led many active builders to focus on building smaller, more affordable homes.
While builders are being cautious, home prices continue to advance. The latest from Fannie Mae shows home prices increasing 3% in the second quarter and single-family home prices increased 6.9% annually.
U.S. News & World Report explains why the summer months might be the best time to sell your home.
CNBC offers 6 charts that begin to explain today's housing market and what has transpired since January 2020: (1) a massive increase in mortgage rates, (2) substantial growth of home prices, (3) a steep drop in housing affordability, (4) a jump in the share of income needed to own a median-priced U.S. home, (5) a second example of home ownership affordability dropping, and (6) the share of existing U.S. fixed rate mortgages below the current national average rate.
NBC News says mortgage refinance demand jumped to a 2-year high, as interest rates dropped a bit last week.
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.