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 June 28, 2024…
It's an ugly news cycle in the housing market this week thanks to an ugly combo of weakening demand, rising supply, and elevated prices.
With a lot of talk around rising inventory in the housing market, it's important to point out, as the St. Louis Fed does here, that active listings are still well below pre-pandemic levels.
Bank of America warns high mortgage rates and even higher home prices will keep the housing market 'stuck' until at least 2026, according to CNN.
Zillow says the quick rise in mortgage rates this spring pulled housing demand lower, leading to a rise in both resale as well as new home inventory.
Redfin writes the typical home is selling for less than list price, a rarity in the late spring housing market.
The aforementioned ugliness is part of the reason droves of sellers continue to join BlueBid - where they can explore selling without the pressure and risk of published days on market and price history.
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.