There are 1,105 Active Listings in Sacramento County for sale right now. This time last year (08/2022) there was 2,206 Active Listings, a 49% drop. 698 in Placer County. 1,025 last year, a 32% drop. 490 in El Dorado County. 514 last year, a 5% drop. 164 in Yolo County. 251 last year, a 35% drop. 543 in San Joaquin County. 1,108 last year, a 54% drop. Mortgage interest rates are king. They drive the housing market. The resources I listen to and read seem to think rates are waiting on more softening in the jobs market. Jobless claims data come out weekly on Thursday mornings, so I will keep watching every week. If you are a buyer and want lower mortgage rates then we are looking for the four week average to climb upwards. Last week was our big monthly job data dump, which is why we saw the bond markets react violently, and thus mortgage rates. I personally watch the 10yr bond yield. Last week it made an aggressive move over 4% with all the jobs data, but never had a daily close above 4.25%. This is very telling for me, and I expect to see it move back through the range, hopefully bringing mortgage rates with it below 7%. What are you seeing or hearing? I'd love to know paul@guiderealestate.com |
