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Well, well, well, it seems financial markets are loving a 90 day grace period to allow for further trade talks with China. This has affected the stock market greatly, and the housing market just a bit as the 10yr yield has climbed back to 4.5%.
We are now back to 30yr mortgage rates around 6.95%. This has allowed for a few things to take hold as we look below at the monthly market update changes that took place in April. Inventory is still growing at a steady pace, up 22% from March to April. Pending and closed sales calmed down a bit, although still positive MoM. A very interesting change in Sacramento County specifically is the nine day drop in average DOM (days on market). Sellers have been reducing their prices as houses that have been sitting for long periods get the message, and new homes coming onto the market seem to be responding accordingly to local market analysis. Well priced homes are selling in this market despite mortgage rates. Sellers need to listen to their agents providing market research when it comes to a listing price. If not, the home will sit, and that is awkward, and not enjoyable.
I am going to Kentucky next week! I will be in Louisville and Bardstown for some whiskey tasting. If you have any suggestions for food, tours, or things to do, please send them my way. Next week's email will probably be very brief, but we will be back in full force on the 28th.
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