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Market update week. Remember, this specific update during the third week is a look at the changes from month to month. So, below are the changes we saw during the month of May. We see that inventory continues to rise with pending and closed sales keeping pace. This means home prices are holding their ground despite price reductions to the poorly priced homes sitting on the market 25+ days...tsk, tsk. The 10yr yield took a dump last week helping to bring down the 30yr mortgage rates below 7% again. This also coincides with an uptick in mortgage purchase applications, weird, it's almost like I know what I am talking about writing this newsletter every week.
Here are some national charts that depict what we are seeing across the board, and it looks pretty similar to what we are seeing locally in Sac County:
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