The Jon Sanchez Show
08/06-July’s real estate report
Hello, it is Ryan, and we could all use an extra bright spot in our day, couldn't we? Just to make up for things like sitting in traffic, doing the dishes, counting your steps, you know, all the mundane stuff. That is why I'm such a big fan of Chumba Casino. Chumba Casino has all your favorite social casino style games that you can play for free anytime, anywhere with daily bonuses. So sign up now at Chumba Casino.com. That's Chumba Casino.com. Sponsored by Chumba Casino, no purchase necessary. VGW Group, forward, we're prohibited by law, 18 plus terms and conditions apply. Good Tuesday, good day. Welcome to John Sanchez Show on News Talk 780K, which hits up whole leisure to be with you this Tuesday on our new start time, and a great pleasure to be with my co-host, Mr. Coriage of Edge Realty. How you doing, big C? I'm doing well, sir. Very well, thank you. A little bit better today than yesterday. Good day to all the bad days. Yeah, that's right. That's right. Not always, but yes, that was the case today. That's for sure. Mr. Dwight Millard of Guild Mortgage, who we were adjacent and I were joking on the show last night, Dwight, that, boy, if Dwight was on the show tonight, he would be one happy man right now, one happy man. How you doing? I'm doing good, but what a difference a day makes, right? Yeah, take the words out of my mouth. It's smiling. You're smiling. I'm frowning. So yeah, but it was, it's been quite the right, John, the last few days. It really has, it really has. Dwight yesterday, what was the sentiment among clients and things when we saw the, and I can't remember exactly what the plunge was in the tenure yield yesterday, but it was significant. What was the, the, the sentiment among people you talked to? Was it giddiness? Was it, you know, taking it in stride? I was curious about that. I think it was a cautiousness, you know, the, hey, this is great, but be prepared, you know, so fortunately I protected basically, you know, most of my clients that are closing in the near future, just because it just, you know, you just don't, you never know, right, John? You just never know. I knew the market would react. Yesterday, I didn't realize it was going to react that crazy, and here we go today, you know, it overreacted another way. So, but I think it's, you know, I, I, I think it's an excitement, you know, I hate these that were, but I mean, it's like, we've been struggling for this for what now? Two years, two and a half years, and it'd be nice just to start seeing some relief or, you know, these borrowers can take advantage of it. But the bigger thing, John, is, you know, you hate to talk to somebody at 10 o'clock and say, here's your price, and it 1130. It's different. It really, it really takes away your credibility, but you can't, I mean, we got reprised twice today. I think everybody is, you know, for the world, you know, yeah. So, you know, yesterday, we got reprised for the better today. We got reprised for the worst. And so, you know, if you didn't, and they're, they're in lies, the trap, right? If you didn't talk with your borrowers yesterday, say, Hey, here's what it is. It's fantastic. I don't know what's going to happen, which is what, you know, we did. And all of a sudden you that, you know, they woke up this morning, you're, you know, you're all, you're not back to where you were, but you're, you know, you're a lot worse off than you were yesterday. Yeah. Yeah. Well, that's why you're so, so don't go and good at what you do. Do I, you take care of your clients and, yeah, lock them in and things like that when the timing is right. So, yeah, I'm sure there's a lot of potential borrowers out there that did not get that call from their mortgage lender like you did. So kudos to you, my friend. Corey, same question to you. And then we'll get to what we have lined up today. Any sentiment yesterday among buyers, sellers, et cetera? No, really. I mean, I don't, again, I don't know that people pay as close attention to us due to that. I mean, maybe they hear about it on the nightly news at six o'clock when they get home, but today's already gone. And you know, luckily we, I'm sure you guys talked about it, you know, for a while yesterday, but luckily we bounced off those opening lows and it wasn't as bad as it could have been. So really no big sentiment change. Nothing really changed as far as I am concerned, you know, from clients or having phone calls or anything else really. Okay. Okay. Well, that's good. That's good. All right. Well, let me tell you what we have lined up for you this evening. Of course, we'll recap today's stock market activity. Again, we got his Dwight alluded to a bit of a market bounce today, but you know, we just, we just kind of put a dent in the losses of yesterday. So we'll, of course, give you all the details, what happened today, why it happened, et cetera. And then probably by the time we get done with all that, we'll get to the bottom of the hour when we come back from our bottom of the hour break, we're going to get to one of our favorite topics, which is our July real estate, local real estate, I should say market review. This is where we get a chance to tap the knowledge of Corey and Dwight and get into, you know, what's going on in the local real estate market and then back it up with the data. We're going to discuss what our new median sales price is for the month of July, how many closed sales, how long is it taking to get to contract, what our inventory levels are, et cetera, all the great knowledge that these gentlemen have, they will be sharing with you here momentarily. But in the meantime, let me share my knowledge of the stock market with you. So again, as you joined us on our inaugural three o'clock launch yesterday, it was a it was a heck of a day to start the new time, but it is what it is. And you know, we had a lot of things happen yesterday, we finished down 1033 on the Dow, Nasdaq lost 576, S&P gave up 160. There was a lot of things as Jason and I discussed, we had the Nikkei slumping over 4400 points at 12% loss. And guess what, that was the worst loss they had since October of 1987. And we come in today, and guess what, all that worry of Japan has gone and the Nikkei, the Japanese market rebounding, not all the way recovering the losses of yesterday, but put a pretty significant increase in it today with the Nikkei, you know, moving up again very, very broadly, one of the about a 10% gain to be exact. And that was one of the largest gains that the Nikkei has experienced dating back to, we'll call it the late 80s right around there. So it was again, a very significant rebound for the Japanese market, and that carried over to our markets. Now, we had some very strong earnings numbers today, we had no major reports on the calendar, but we had some strong earnings numbers today from the likes of Uber, which finished up a little over, almost 11%. I was going to say a little over 10, but at 10.9 to be exact, $6.39 gain to 64.87. Caterpillar was another strong earnings performer, with a rise there of $9.64, 3% to 3.26.44. So like I said, there was no economic reports on the calendar, so everyone kind of was just licking their wounds from the losses of yesterday. Now, guys, I think the most important thing, Dwight, you took the words out of my mouth a few moments ago, and he said, "What a difference a day makes." But, you know, I was going to say the exact same thing, but really, what really changed today? Now, again, as we discussed last night, this carry trade, which is a very complicated situation where traders will borrow the yen and use that money to go buy other global securities, that supposedly is unwound, it's done. That was one of the main culprits to yesterday's massive plunge in the Japanese market transpiring into our markets. But, you know, okay, so that's behind us. So now we return and we put all of our focus once again back to what the Fed is saying. And, you know, today we did have some comments by one Fed member indicating that, you know, they're absolutely looking at what the Fed is going to be doing at the September meeting. I still think I'm going to stick to my guns, guys. I know we've talked about it with you guys, and Lord knows I've mentioned it enough on the show. But, you know, Fed President daily today, she's out of San Francisco, said, you know what, the Fed is, you know, basically saying that she's saying the policy adjustments will be necessary in the coming quarters, or coming quarter, excuse me. So I still am going to stick to my guns saying, don't be surprised. I still think there's a very high probability that we could get a surprise interest rate cut from the Fed before that September 18th meeting simply because it is so far away. And once again, can this market really withstand waiting until September the 18th hoping that we're going to get that cut? Now, Dwight, I want to, on that topic, I want to bring it over to you as a mortgage lender and really talk about what really transpired from yesterday in your world. And that is no longer is anyone talking about a quarter percent cut by the Fed in September. Now they're talking a half a percent cut. What would that do? And then Corey, you're going to throw the same question to you. What would that do in your guys' respective industries? Corey is a real estate broker. Dwight is a mortgage lender. What would that do in your respective industries if we got something that massive of a quarter, excuse me, of a half a percent versus the expectation up until yesterday of a quarter percent? Do I? Well, you know, from the mortgage side, I think you'll start seeing a lot of people reconsider right now. Hey, is it time to do something with my mortgage? I mean, do I jump on this now? I think there would be just a lot of movement from consumers going this, you know, but then you see headlines saying how low can it go, right? I mean, so, you know, you start to get what you want and then they just keep going, they want more, right? Well, so you just keep wanting more. So the consumer just keeps going, okay, well, keep going, I'll keep going. And so I think a half a point, John would, you know, that would probably push these rates. I'm hoping where we are talking probably right around the six low six range high five range for the right consumer. And I think that's a great spot to have it through the end of the year, through the election cycle and in the next year. I mean, I think it would be fantastic. Corey, you've always been at the camp where, you know, really Jason and I are in agreements with you. And that is too much, maybe too much. I mean, a half a percent versus a quarter percent could signify problems. The Fed has seen in their crystal ball saying, you know, in the way Wall Street, I think would interpret it would be, uh oh, there's some problems lurking. Hence the reason they had to be more aggressive with a quarter percent versus the expected, or excuse me, with a half a percent versus the expected quarter percent. You still agree with that? I do agree with that. And I think if there are buyers sitting on the fence or buyers looking, they would welcome that change and they may still stay in the market and grab that lower interest rate. But I don't know, I don't necessarily agree that, you know, you get down into the low sixes and you're going to bring in a ton of other buyers that weren't even thinking about buying out just because of the interest rate. I mean, I think it depends on why the interest rates are going down. But I think Dwight will see though, if that happens, there's a lot of people trying to get their hands on some equity, whether it be a second in HELOC, maybe some kind of refinance because if they can keep that low first and throw a lower interest second or something behind it and get their cash, then they kind of win both ways. If you look at it that way that they can kind of their cake and eat it too. So that's a good point. All right, let's take this break guys. When we come back, I want to continue the discussion on the Fed and we'll get to the commodity side with the 30 year mortgage did do today and they get ready for our bottom of the hour topic. Again, the local July 2024 market review of our local real estate market. Kristin Snow in the right now traffic center. How are you this fine afternoon? Welcome back to the John Sanchez show on new stock 780 K O H with core age of agility, Dwight Mallard of guild mortgage. All right, so here's how we finished up again. Put a bit of a dent in yesterday's losses finished with a gain of 294 on the Dow 0.76 percent with a Dow closing at 38 997. Now as I gain 167 1.03 percent, SP at 54 points or 1.04 percent. Very quiet in the commodity side and precious metals oil up just a 10th of a percent, finished the day at 73 14 a barrel, same with gold barely budged for the precious metal down three tenths of a percent to 24 32 80 an ounce. And Dwight, as you were alluding to a big increase in tenure yields today again, bringing back some of the the losses on the yield yesterday. And today we had a 10 basis point increase on the 10 year to yield close of 389. How do we do on the 30 year? You know, John, that's a big movement on the 10 year. So 30 year yesterday was 6.34 according to the mortgage news daily. Today it's up 18 basis point 6.52. So, you know, a little bit of movement. You know, I guess just anticipating maybe a calmer heads tomorrow or to the end of the week. But yeah, it's it's pretty spooked today. So I mean, you lost probably you probably lost somewhere between the eighth and a quarter in the rate again today. So if you're focused on maybe a, you know, let's just use a number of six and a half yesterday, you might be playing with the six and five, eight, six and three quarters today. So I mean, but you know, again, beggars can't be choosy. So I can get anything, anything better than what we were, you know, several months ago. So it does, you know what, it does drive the consumer out a little bit more. And maybe it's just more intriguingness or something. But it's still okay. We'll take it because it leads eventually to, you know, something we want to make a move. Absolutely. Guys, I want to squeeze this in before I forget. Big earnings number out of AirBnB after the close today. Big miss on the stock. They reported 86 cents a share. Wall Street was looking for 92 cents. Revenue came in at slightly above beat 2.75 billion versus expectation of 2.74 billion. But the stocks getting clobbered in the after hours regular session. AirBnB gained five dollars in 16 cents, 4.12% close at 130.47. Right now I'm watching it in the after hours. It's down $20.82, a 15.96% loss to 109.65. And I should mention the futures just started trading. And we are seeing a little bit of selling going on. Maybe Uber is one of the catalysts or could be any number of reasons. But right now we're seeing the Dow futures down about 47. Yeah, 47 now just moved. 47 points, NASDAQ futures down 98 and the S&Ps are lower by 16. So still obviously very, very early. Okay, Dwight, Corey, let's go back to what we're discussing before we went to break. The streets consensus of a half a percent cut at the September 18 meeting that again increased from a quarter percent prior to yesterday's decline. I want to share with you an interesting point. And again, as I was alluding to, I still think that we have or the Fed I should say has a very good probable cause to give us a surprise interest rate cut. My logic as I indicated on the show last night is once again, hey, a quarter percent doesn't do anything really to help you and I or anybody else out there. But it does bring a psychological relief to everybody and says, okay, now the gates are open. Now the feds going to follow that with additional rate cuts. I would much rather see that than a half a percent cut. I think the street could get very, very nervous if they came out as the street now is predicting with a half a percent cut. I think people are going to take that go, oh, that crystal balls looking really foggy of the feds. And there's some problems lurking out there. But I want to mention this over the weekend Goldman Sachs drew a lot of, a lot of press, a lot of attention. And the reason for that is they came out with a note and they raised the recession forecast, but only to 25% from 15%. The bank said that one reason is they do not believe a recession is imminent simply because the Fed has raised rates so many times, right? Five and a quarter percent. They got a lot of room to go to cut rates, as we're saying, if the economy's falters, as some of the signs are starting to show. But I want to share with you another comment from David Rosenberg of Rosenberg Research. He came out with a note today and pretty well respected guy on the street. He says, "The Fed is behind the economic curve now as it was behind the inflation curve back in 2021 and 2022." He added that the heightened expectation for Fed cuts smacks of a true recession scenario because the Fed has rarely done this absent and official economic downturn heading into one already in one or limping out of one. So I thought that was an interesting comment that Fed cuts happen because the economy is slowing. Now, whatever your flavor of the day is for the reason for the slowing, whether it's global weakness, whether it's slow down in jobs or whatever the case may be as we experienced on Friday with 114,000 jobs, there's got to be a reason behind it. My opinion is, I think there's a lot of reasons the Fed could look at to give this surprise cut. Corey, what do you think the probability is of a surprise cut and based upon the data that we're seeing at this point, this particular point? I think if you look at just the data right now, I don't think that they'll come out and do a surprise cut. You got a lot of data between now and the maybe. You could also have Jackson all the way. If you remember, Jerome Powell can talk the market, whichever way he wants it to go. He doesn't have to actually do anything. So that'll be a big one as well. It's important, I think, for everybody to remember that we've gone through this hiking cycle and these long variable lags. I want to say finally getting to the point, but they're seeing the slowdown that they were hoping for. So now if they start cutting, it's not like they can cut once and turn things around. So I think they will anticipate, look ahead and say, "Okay, well, things aren't working our way. Things are slowing down. We need to start cutting now. We may not see imminent, or we need to be ahead of this because if we cut now, we can't change a trajectory unless we do an emergency, big cut." And that's why I think the dialogue that everybody's had this whole time is like path landing sounds great, but it's incredibly difficult. So it's a magic. Yes, you're absolutely right. It's a magic act. Well, you know, it's funny you bring up Jackson Hole, and that's one of the contentions many are looking at at this point, saying, "You know, maybe he's going to give us a little bit clearer trajectory to use your term at that Jackson Hole meeting." I'm taking the other side of it. I've yet to see, I mean, other or former, I should say, former Fed governor or leaders, chairman, et cetera, or chairwomen, have used Jackson Hole. This is, by the way, what's called the Fed's annual retreat in Jackson Hole. They do it each and every year at the end of August. Other Fed leaders have used that as a platform to kind of, I mean, I remember Bernanke, if I remember correctly, he made, I don't remember it was a rate cut or rate increase announcement at that meeting. So I think that was the last one that I can recall where someone said something significant. But Powell, I've noticed seems to be kind of, as he always says, just kind of walks that fine line. So maybe to your point, Corey, he would give us some hints as to the next move on the Fed. But, you know, I don't know how much stronger of hints he could give. You know, we've had, like I said, we had one of the Fed members today, daily, indicating that the policy adjustments are going to be necessary. He was, Powell was pretty adamant at last week's Fed meeting the press conference afterwards at 11 o'clock, indicating the same thing. I think now what the streets going to be focusing on on, is it going to be this quarter percent or is it going to be this half a percent? So I think, I think that's the big question. Quarter or half at September, I think September is in the back and or at emergency cut just to kind of stabilize things. Because if we wouldn't, one thing I'll leave everybody with, if we start to sell off on a global basis like we did yesterday, that will, that will, you know, give the Fed more credence again to look at a surprise cut. Our data, yeah, not that bad yet to your point, Corey, not that bad from, you know, many standpoints. But let me tell you guys, when you start getting global markets that are collapsing, and by no means are, do we have any doing that? But if you get them start collapsing where you're having problems with global currencies or having problems with global equity markets, that again, he's going to be, Powell is going to be getting phone calls from his counterparts around the world saying, you need to do something, you need to do something fast. And also, as I said last night, you know, even though the Fed's supposed to be apolitical, I still feel that, that, you know, to use your term, Corey, they're going to be, you know, threading the needle going into, waiting till September with pressure from the Biden administration. So we will see, but enough to, you know, talk about on that side of it. So again, a little bit of a rebound today, but we will see if that holds tomorrow. We've got to get some significant trends, you know, two, three, five days up to wipe out what happened yesterday, just from a psychological standpoint. All right, our local real estate data will be coming our way in just a moment. But first, let's turn it over to my dear friend, Greg Neff. He's got news trafficking with her. Hey, Greg. Welcome back to the John Sanchez Show on Newstalk 780K, which with Dwight Millard of Gil Mortgage, Corey Edge of Edge Realty. Once again, we finished with a gain of 294 on the Dow. Nasdaq rose 167, the S&P higher by 54. All right, if you're new to the show, well, welcome. First of all, we appreciate you allowing us into your life. And you will find that once a month, and it kind of varies day by day when we get a chance to do this. But once a month, we always, thanks to Mr. Edge, get to go through our local real estate data. And this is an excellent way for you to learn, you know, how home prices are doing, again, our inventory levels and just all kinds of data. But it's also your chance to talk to these two professionals or myself. So open up the phone lines if you want 852 talk, 1-800-564, KKOH. All right, here we go. Corey, we get a nice little bump up in the medium price. Talk to us. How do we do? 610,000, almost 2% increase in the month before 7% year over year from July last year. Doesn't sound like, I mean, on a percentage basis, doesn't sound like months. It's obviously a big gross number as far as 610. And I'm holding it. And to give everybody an idea, I know the audience can't see our graphs. But our peak was about, I'd say, July, late June, July of 22, I think we picked that right on 615-ish. And so we're pushing that number again. And as soon as we get that peak back in 22, we have a nice big nose guide. So hopefully that's how we can just kind of sustain things. And to give everybody an idea, if you haven't heard this report before, this is stick-built single-family homes in Washoe County according to multiple listing service data. So it does include some new homes, but not all new homes. Great, great. Okay, so Corey is a real estate broker. How do you feel about this? I mean, nearly a 2% increase, like you said, a month over a month. So June to July. But the one that got me was the 7% increase year over year. Pretty significant, Dwight, bringing into the conversation. Pretty significant considering this, folks, if you listen to our show back in October of last year, we were 791, 7.91 on the 30-year mortgage. So that encompasses that nasty time period. But Corey, you know, going back, I mean, the data you provided, we're at 570,000 medium price in July of 2023. Again, so think of that, 570,000. Here we are now 610,000 a year later. That is significant. I don't care what you're talking about. That is significant. And again, showing the resiliency of the real estate market locally to withstand, you know, almost 8% mortgages for some of that time period. And you have a lot of lack of inventory, if you want to call it that, it always makes it sound like a horrible thing. But it's just not enough houses. A lot of people moving into the area. That's a simple kind of applying demand issue going on there. Again, last time we kind of hit these levels, we stayed there for about a month and then we went down. So like we've been saying ever since the pandemic, if we could just get to a level, kind of just hold steady. Right. I'll go up too much. I'll go down too much. Everybody might get used to it. And I think part of the reason you get the rebound from not only year over year, but even year over two years ago, the interest rates, they're still high, but they kind of calm down. It's initial shock wears off. And at the end of the day, John, people need a place to live. And jobs are still good, you know, fortunately. And so they fight the ball, I can get in. Absolutely. Dwight, were you surprised or impressed? Yeah, as I was. No, I had a I have a question for Corey real quick. Corey, when you say that it doesn't include new construction, is that does it include construction that goes through the NMLS? Do those numbers get counted? Because a lot of builders won't immediately go to the MLS. Is that is that the determining factor of the new construction home is included in those numbers? Correct. So all this data comes from the multiple listing service. So there are and especially nowadays, there are a lot of builders that put their data into the MLS. So that is automatically included. But when the markets are really good, they don't need the MLS. They have plenty of flip traffic. So that doesn't hit the MLS. It wouldn't be in this particular data. Again, folks, as Corey alluded to you, obviously, you can't see the graphs. I'll give you something just to kind of think about tonight. Good dinner table conversation. So if we go back to January of 2014, where our chart starts, the median price, I'm going to split the difference here. It looks like it probably ran around 230, 250,000. So 2014, January, again, 230, let's call it. And now again, we're at 610,000. Corey, that's just mind boggling, just mind boggling. Yeah, that's the American coming up in your place. And I'm looking at the pandemic and the rest of it. And so it's just kind of how things work. They get more expensive with time. No matter what to do. Well, you know, I think the other lesson for those of you that are, you know, looking about your first home or been out of the market for a while and say, no, I'm not going to do anything because I don't want to pay a, you know, high 6% mortgage rate. Folks, let me tell you, especially those of you that are first time buyers, would you, are you really going to care if home prices, you know, who knows if they're going to continue to increase as they've done for the last 10 years. But are you really going to care that you're paying, you know, whatever, picking number 6.8 versus 6.5 versus 6.3, if your home's appreciating, you know, that significant of an amount. The answer is no. So keep that in mind. We have a saying that we, you know, Corey and I, and Dwight, and a lot of people in the real estate industry use, which is you marry the home and you date the rate, right? You can always change your rate. You can always refinance as long as there's equity there, et cetera. So always keep that in mind when you're making your real estate decision. So great point there, guys. Okay, Corey, let's jump down to median days to contract. Only 23 days. That is an increase of 64.3% month over month and an increase of 43.8% year over year. Yeah, sorry. You know, I've been mentioned probably over the last year or so that if you had to do a headline and I guarantee, you know, this report, you'll see it on the local news headlines that the median price hits X, 610,000 in this case. And so that's the reason that they try to portray it or maybe it's what they believe is the market is in fantastic shape because we hit this milestone and there's no issues anywhere. But you got to open up the hood and look underneath and see if everything is working. And so these are the little things you kind of look at to see, okay, I understand we hit a high median price, but what is going on underneath and can we keep it? One of those things we look at, especially in this month's data set, is that median days to contract up 64% month over month. And what that is, John, is if you call me and you say, list my house and I put your house on on, let's call it, July 1st. That means we didn't go into contract until July 23 or July 24. So 23 to 24 days before we have a contract, which sounds incredibly fast. Probably historically it is. If you look back at the way this market's worked for two or three years, it's been a lot shorter than that at many times it's starting to creep up a little bit. So one of the things that keep an eye out. It's a fascinating point and it almost sounds like you're saying that we've become spoiled that meeting days of contract whatever, pick your number 10, 12 days. To me as an outsider not being in your industry, 23 days seems phenomenal. I mean, my God, any property I've ever sold, I'd have given my whatever, my first born to lease my property and have an offer and a contract sign in 23 days. So man, oh man, people become a little pushy, huh, Corey? Well, and you know, it's funny because if we were to take, let's say we took your favorite neighborhood and we brought down comparables over the last six months and we looked at certain size houses and whatnot, you'll see some of the houses are going to contract and selling, let's say they go to contract with intend days, they sell in 30 and you have other similar houses that are still on the market after 100 days and they've never been pending. And so you got to remember this median of 23 sounds average, but if you're a seller out there and you're on the market 90 days, you say, hey, wait a minute, you know, my my realtor must be screwing something up at night. Wow. I've seen a lot of disparity in different neighborhoods and different houses within neighborhoods. A lot of times it's based on price, sometimes it's conditioned, it's all these different things, but it's certainly not a steadfast rule to say, if I'm not in contract within 23 days, somebody's screwing up because it, you know, don't let that secure your thoughts too much. But where do we sit right now, real quickly, Corey? Where do we sit right now as far as the percent of cash buyers? I haven't looked at the exact number lately, but we were hovering right around 30 percent. Could that have an impact on this number also, that maybe we're seeing fewer cash buyers because those typically have a faster escrow than traditional, you know, person that has to borrow? Well, remember, this is just days to contract. So whether they're cash or loan, this is just when you get an accepted contract, not the amount of time it took at the close. So I do think, you know, it will skew some numbers on closing, you've seen a lot of cash at the higher end, and there's cash all over the place, but it tends to gravitate toward the higher end. So again, if we had four hours, we could break down, you know, by $100,000 price bands and really dig into what's going on and where's it happening and this and that. But when you have such few inventory, any kind of outlier thing, you know, a ton of cash or one huge sale or something could skew the number for that month and make it sound, you know, a different story than it really is. Right, exactly. All right, we come back, Dwight, we're going to tackle Corey, we're going to tackle the inventory, what's our active inventory and what's our month's supply to wrap it up. Let's turn it over to Kristin Snow. She is in the right now, traffic center. Hey, Kristin. Welcome back to the John Sanchez show on his stock 780K, which Mr. Andrew phone number, sir. 673-6700. Mr. Rallard. 240-2022. Beautiful. Thank you, fellas. All right. With just a couple minutes remaining, guys, we're going to go quick here. Let's get down to the ever so critical inventory levels. So Dwight, we're sitting at 978 active inventory. How do you feel from that standpoint? Up 5.2% month over a month, up 16.8% year over year. Yeah, but I still, you know, I mean, it's starting to rise, but we're still in a very combative market, which makes it very, very tough on the consumer, whether you're a first time home buyer or, you know, move up because you're competing against cash like we talked about earlier, or just having that bid up above it. You know, I mean, it's just a lot of pressure. So I like the inventory going up, but we're still, you know, we're still ways away from being somewhat of a normal market. Exactly. Corey, your opinion on that? It's rising. I mean, it's something you're keeping an eye on. It's going to give a little bit of relief to prices. I think we're already seeing it in some market and some parts out of the market and buyers are able to go look at a house and actually go home and make a decision without feeling too much stress. Remember to, and I've been seeing this for a couple months, typically the top of our market is right around 4th of July. Now we'll start sliding down into the seasonal market. So it's not unusual to get a buildup and inventory as we get down to the holidays. And don't be surprised at this medium price back tracks from here. That would just be what would happen normally, so it shouldn't take any advice prior. Perfect. And our month supply of inventory, 2.2 months, which I was telling a client today, I remember Corey when we were doing the show, you know, I don't know how long ago it was and we were less than a month. And so yeah, that's creeping up a little bit too. Down 1.8% month over month, but up 17.9% year over year. But to your point, Corey, numbers can lie 17.9% when you don't have a lot, just a slight increase can really make that percentage of boy up there. So right, we got to keep that in mind. Yeah, yeah. And you just kind of look at the whole market as a whole. Don't take one month's data and try to, I think, you know, extrapolate into something bigger than it is. You got it. Dwight, wrap us up. Final piece of advice for potential borrowers. Yeah, keep the tight eye on the market. They'll watch these rates come down. It'll spur some activity. So just be ready to get in the game when, you know, when it's time. Absolutely. Mr. Edge, Mr. Mallard, great job, fellas. As always, we will do it again tomorrow night on the John Sanchez show. God bless. Have a great evening. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. 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