Good morning,
We are tracking a fascinating shift in the real estate market for our third-week monthly update, and it’s a big one.
The market continues to cruise right along, even with a lot of noise in the background. Between global conflicts, rising oil prices, and sticky inflation pushing the 10-Year Treasury yield (our favorite gauge for mortgage rates) up around 4.66%, you might expect things to stall.
To put that in perspective, my preferred loan officer quoted a 30-year conventional rate at 6.5% this Monday, while the national average sits closer to 6.75%. Honestly, if it weren't for improved market dynamics behind the scenes, we could easily be looking at rates north of 7.5% right now.
The Big Surprise? Buyers Aren't Backing Down.
Despite these headwinds, mortgage purchase applications saw another positive increase last week. It raises the question: Are interested buyers simply accepting these higher rates as the new normal?
Locally, the data says yes. In April, the Sacramento area saw:
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A 16.3% jump in closed sales month-over-month.
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An increase in active listings, providing some much-needed inventory to keep the momentum going.
The takeaway? Demand is resilient, and opportunities are absolutely out there. We just need to stay watchful and prepared.
A New Neighborhood Guide Is Live!
On a personal note, I just finalized two brand-new neighborhood living guides, with plenty more on the way.
If you've been curious about the Pocket/Greenhaven area, I’ve put together a deep dive into what makes this community so special. You can check out a sneak peek below, or head straight to my website for the full guide:
Pocket/Greenhaven
Have a great week!
