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Hello from Louisville, Kentucky! I am with one of my best buds tasting bourbon whiskey all week and helping pick some barrels for the bar program at Buckhorn BBQ & Grill.
A lot of familiar themes as we look to close out May. Inventory is increasing with buyers maintaining their demand picking out well priced homes. The 10yr yield shot up last week putting pressure on 30yr mortgage rates. Mortgage purchase applications picked back up with two positive prints in a row after a string of negative applications. Nevertheless, overall purchase applications for the year remain positive, and despite the increase in supply, home prices are only slightly decreasing or stalling.
As an example, take a look below at my recent listing that closed in Stockton, CA. We priced appropriately for the market, got into contract within 24 hours and closed 21 days later. It's a beautiful thing. Over the last four years, the average days on market for my listings are now at 12 days...
See you next week for a 5th week newsletter special!
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