As a benefit to the homeowners and homebuyers using our platform, I share a regular summary of housing market news and data driving our decision-making here at Bluebid Homes. We call it the Bluebid Buzz.
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.
Here's the buzz for the week of September 22, 2022…
Scant housing inventory continues to elevate prices. The National Association of Realtors reports that existing-home sales decreased 19.9% annually in August, marking the seventh consecutive month of declines. Median prices, however, rose 7.7% annually.
The Wall Street Journal reports on the growing trend of American homeowners leasing their homes out rather than listing them for sale in an uncertain market.
A week ago, I talked about the rising US cost of shelter and the upward pressure it’s putting on inflation…
On Wednesday, Chairman Jerome Powell said the Fed will ‘plan for the worst’ on shelter inflation, and that he believes it will remain high for some time.
Similarly, David Harrison from the Wall Street Journal talked about cost of shelter emerging as a major driver of overall consumer inflation.
Per CNBC, the Chief Economist for Realtor.com, Danielle Hale, says homeowners ‘eagerness to sell’ has been impacted by the housing market’s refresh with newly-listed homes down 13% in August.
Bloomberg reports Opendoor – a company I’m a fan of – lost money on 42% of its transactions in August in a sign that estimates of what real buyers are willing to pay need to be considered with extreme caution in a softening housing market.
Zipporah Osei asked Boston.com readers whether or not they trust Zillow’s Zestimates, and the early results weren’t looking good for fans of the popular metric. While Zestimates can be a great starting point, I tend to believe your home is only worth what buyers are willing to pay for it.
The WSJ’s weekend interview with Kenneth Jackson of Columbia University is a history lesson on the rise and breakdown of the American Dream of homeownership.
Have a great week.