Welcome to July, friends. I hope you had an awesome and safe 4th of July - Independence Day! 

Well, nationally, we've officially gone negative on inventory YoY as of this week.  There were only 5,000 new active homes last week in the whole nation. Bonkers.  There was 30,000 this same time last year in 2022.  I'm not seeing as many new actives come across my MLS emails, so locally we can see similar trends.
We had our third consecutive week of positive purchased applications, and that's despite interest rates still hovering around 7%.  Demand has certainly stabilized regardless of the higher mortgage rates. I'm also seeing that come across in my MLS emails as pendings and closings continue to chug along for appropriately priced homes, especially ones under the $550k price tag.
We have lots of economic job data news coming out this holiday shortened week.  This type of data always has the ability to swing the 2 and 10 yr bond yields, which I closely track for the 30yr mortgage rate affects.  I'll wait to see the results and discuss anything meaningful in next week's newsletter.
I'll have a new listing going live on Thursday, 7607 Prescott Way, Sacramento, CA 95823. If you have any family or friends looking for a really solid home in the 425k price range, let me know.

On a personal note, my son's All Star team, Laguna Purple 8u, won the Cal Ripken Nor Cal State tournament last weekend.  It was really fun to watch the result, but really all the hard work they put in that paid off.  It's really cool for them to see at 7-8 years old that hard work and effort can pay off.  Obviously there are really good lessons in there for the other teams that didn't win, but we are super excited for this outcome and being able to teach this lesson.  The team moves on to Rohnert Park in two weeks for the 8u West Regionals tournament.  They will play teams from Hawaii, Guam, Arizona, Utah as well as Central and Southern CA.

What are you seeing or hearing? I'd love to know paul@guiderealestate.com