The Jon Sanchez Show
10/15-September local real estate data
Bring the dream of flight to life at I-Flight and/or skydiving. I-Fly gives you the rush of flying without the stomach drop feeling. It's a one-of-a-kind experience for any occasion, from birthdays and anniversaries to stay cations or milestones. Expert instructors guided a flow on a cushion of air, so you can embrace the freedom of flight and create lasting highlight-real memories. Get the thrill of flight without the height. Go to iflyworld.com and use code TAKEFLIGHT for 20% off. That's iflyworld.com, code TAKEFLIGHT. Good Tuesday afternoon to you. Welcome to the John Sanchez Show 1 News Talk 780KOH. It's a pleasure to be with you and a pleasure to be with one of my two co-hosts. Corey, how are you, my friend? I am doing great. How are you doing? Excellent. Thank you. A little bruised and battered from today, but hangin' in there, hangin' in there. We always do. Might just be a one-day thing, I'll find out. Exactly, exactly. That's my feeling on it, that's for sure. Well, great to be with you, buddy, and Dwight has the afternoon off, so just be Corey and I flyin' along here, and let me tell you what we're gonna be landing into. Corey has provided us as he always does each and every month with our local real estate data. Can't wait to go over this with you, Corey, the month of September data. Didn't look like there were huge significant changes, but you always find some nuggets for us. And there's not a lot of, I mean, I was thinking about it right before we got on, and like, it's just kind of a boring report, but that's good. It's a rather nice, steady-boring report. Exactly. Kinda like the stock market, right? We'll take boring days, by all means, we'll take boring days. Well, again, you're gonna find out our current median price. How long it's taken to sell a home? A number of days is taking to sell a home. The inventory levels, our monthly inventory levels, of course, I'm referring to. All of the data that you need to make informed decisions, whether, hey, is it a time for you to buy? Is it a time for you to sell? Is it a time for you to sit on your hands? That'll be up to you, but you're gonna be provided with all the information to make that decision. Well, Mr. Edge, what a day it was today. Give me the floor here for a minute because there's so much that happened today. It's like, oh, where do I start here? I'm gonna try to do this in the most organized fashion. So, take it back to my first update at 5.23 this morning. Dow futures were up 22, NASDAQ's were up 9, S&P's up 5. Speaking of boring, it looked like it was kind of, you know, kind of be a boring day. We said another record yesterday on the Dow, another record on the S&P. So, it looked like it was gonna be more of the same, which again, we don't argue about that. Then we started getting a slew of earnings numbers. The likes of Goldman Sachs, which beat dramatically, Bank of America, which beat, Citigroup, which beat, all of those were doing very well in the pre-market session. Everything was just going fine. But our problem child of the day was UnitedHealth. Now, for those of you that listen to the stock updates, you know, I've emphasized this over and over again. You have 30 stocks that make up the Dow Jones Industrial Average. It is a asset weighted index, meaning the stock with the highest price carries the most weight in the calculation of the Dow Jones Industrial Average, okay? Well, that one stock that is by far the highest value is UnitedHealth. It's a $557 stock and some change. Well, UnitedHealth reported some pretty good numbers, but they did not give the guidance for the next quarter that Wall Street wanted, and so they started punishing that stock. So, the name started coming down, and then again, it represents about 8%, my last calculation, about 8% of the Dow Jones Industrial Average value. So, it started to bring everybody down with it. So, that was factor number one. Factor number two, rumor started, and now supposedly it's legit, rumor started that three individuals with a Biden administration told NBC News, excuse me, told NBC News that they spoke with Benjamin Netanyahu, and he promised that he was not going to be bombing any oil facilities or any nuclear facilities in Iran when they finally decided to retaliate. So, we saw oil prices, they started weakening overnight when this news broke, and the oil prices continue to fall apart. So, that then affected the likes of Chevron, which is a member of the Dow Jones Industrial Average. Stock had a tough day today, which I'll tell you about in a moment. So, that kind of brought the energy sector down. Then, here comes the Biden administration again. News came out of the Biden administration that they were looking to curtail some of the shipments of AI chips to certain countries with a focus of Persian Gulf countries. So, the two companies that they talked about that would be impacted by this would be Navidia. And, I think our other one was, oh, I can't, oh, yeah, I'm going to guess, I can't remember, because they were throwing around a few names, but it was, Navidia was the main one, of course. So, we started to see Navidia go down, right? And then, Navidia finished, you know, pretty far down, and it drug the rest of the semiconductor names down. Then, back to the semiconductor space, ASML, which is a chip manufacturer, they accidentally leaked their earnings numbers ahead of schedule. I don't know when they were supposed to schedule it, but mid-session today, their numbers came out, and they were not good. They gave some cautious guidance going forward. So, that stock lost 16.3%, ASML is the symbol, lost 16.3%, $141.84 loss to $730.43. So, that was it, Corey, it was, it was a lot of just outlier type of information, crazy things happening, but, you know, the downside is, is we, we kind of lost the day in this earning season, because again, like I said, you had the likes of Goldman Sachs, Bank of America, city group, report numbers that were really good, but the stocks did not benefit from it at all, because it was a weak tape. Goldman finished the day down 37 cents to 522.38, Bank of America, up just 23 cents. City group actually lost 5.1% of $3.37 decline to close it 62.64. Bond market wasn't, it really didn't participate at all today, it was down three basis points to close it 404, so we didn't have that to contend with, but oil prices, 4.4% loss to $70.60 a barrel, gold was a good one with a $13.30 increase, $2,678.90 is where we finished up there. So, do you agree, Mr. Edge, it was just a crazy, crazy day today. Yeah, it seemed to be all over the place, and like you just mentioned, it was from all different skides, I guess. If you're looking at the silver lining of the cloud, that was a lot to hit the market in one day, and I understand it was down, but it wasn't, wasn't dramatic. So, you know, nothing that a good, a couple of earnings reports couldn't bring it back depending on. Exactly. Exactly, and I thought, yep, you got it. And how we did finish was the three quarters of a percent loss to Corey's point. That's it on a percentage basis for the Dow, but it was the 325 point decline. That's what scares everybody when you see that number. NASDAQ lost 187, 1.01%, S&P down 15 points, or three quarters of a percent. So, yeah, exactly to Corey's point. Now, let's go through, again, some of these stocks, I told you about ASML, NVIDIA for the day down $6.23, $1.3,183, that was a 4.5% decline there, UnitedHealth, $49.11, lost down 8.1% to 5.56.29, and it drugged down the rest of the health care group, matter of fact, the S&P health care sector losing 1.2%, told you about Goldman and all those. The bright spot, it wasn't all a disaster for technology names. Apple, $2.28 increase, 0.99% to 2.3358, and, you know, kind of an interesting thing. Let's see, give me a second here, Corey, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13. Okay, so we had 17 stocks positive, only 13 negative. The worst one besides UnitedHealth from a percentage basis, it was Intel, down 3.37%, Chevron was down 2.39. The rest of them were just kind of down fractionally, but yet you had a lot that were positive, obviously more positive than negative, but to your point, Corey, exactly correct that one stock, UnitedHealth, again, because it carries a lot of weight was, again, the culprit to bring the Dow down. There was a lot of volume, a lot of volatility going on, Russell 2000, so here's a little bit of a bright spot. Russell 2000, eked out a very small gain, 1/10th of a percent, and remember, folks, the way that we always measure, if there's panic in the street, is we always look at the bond market and make a determination there, if they are flying into the bonds, and that, of course, drives those yields way down. That's when you have to start to worry, and we did not see any of that whatsoever today. Like I said, the 10-year down three basis points, they yield a 404. Two-year was up just one basis point, five-year down, two basis points, so, yeah, no real, no real major movement there. Now, back to the Israel situation. The Washington Post this afternoon reiterated what I just said. They reiterated that Netanyahu told the U.S. that Israel will not strike oil or nuclear targets in Iran, but will strike military targets, and, obviously, no one knows when. That's going to happen. Let's see. We had some comments from some Fed members, San Francisco Fed President Daley, who is an FOMC voter, a firm that September's rate cut as, quote, "right-sized and amid easing inflation pressures and strong jobs market." Oh, also, we got to throw China into there. There were some comments coming out of China that, you know, things basically slowing down just a little bit there, and, you know, market participants are a little bit upset that they're not getting more stimulative announcements out of the government there, so that kind of weighed on things a bit also. So, you know, the best way I can put it is, you know, you're pretty much, you were kind in front of a firing squad today to Corey's point. The bullets were flying from all different directions, and everyone was just trying to duck them a little bit, but, exactly to your point also, Corey, and I 100% agree, I'm still so bullish on this market right now, 100% agree that a couple good earnings reports can absolutely turn the tides. And, you know, typically what happens, you know, like United Health after a big sell-off like this, typically what will happen is tomorrow morning, you probably see the stock down a little bit, maybe go positive by the end of the day, or maybe spend the day just down slightly, but you should not see any type of major sell-off in the stock tomorrow as you did today. So, all right, Mr. Edge, when we come back, I want to go into the trenches a bit with you, and try to get your feel on the, not try it, but get your feeling on what's going on in the local real estate market and kind of get us warmed up for our local real estate report, which we'll tackle when we come back from the bottom of the hourbreak. In the meantime, let's turn it over. Kristen Snow, she is in the right-not-traffic center. Hey, Kristen. Welcome back to the John Sanchez Show on Newstalk 780-KOH, it's with Corey Edge of Ed's Rility. Dwight has the afternoon off. All right, once again, it was a tough day today, finished down 325 on the Dow, just 3/4 of a percent, though, as I gave up 187, 1.01% SMP lower by 45 points, or 3/4 of a percent there. All right, we're going to get to our local real estate data probably at the bottom of the hour when we come back, but in the meantime, I want to take this opportunity since we have a little bit of extra time today and talk to Corey about what he sees going on out there as a real estate broker. Corey, let's kind of start with, I always like to ask you this, what's kind of the grade right now, as far as pricing, volume, activity, people's attitudes of mine right now, so on so forth. Let's go with a grade first. You know, you're looking at two sides of the market, right, so you've got the sellers that want one thing, the buyers that want the other one. So to me, the market is very, I don't want to say equalize so much, but if I had to give a grade, I'd give at least a B plus A minus because it's stay, the buyers are getting a little bit of what they want. The interest rates are down a tad, they're not getting the pricing they want, but there's more inventory, right? We're going to let the debt out of the bag, but we're getting close to three months with an inventory, which is a lot more than they've had the ability to look at in the last few months. So on each side, they should be pretty happy, you know, pretty content with where we're sitting back now. Right. Right. Exactly. Are you hearing any concerns in regards to the election of potential buyers or sellers saying, I don't want to do anything again, a buy or a sell until after the election? You know, I was going to ask you that during the first segment because it feels like, and I'll answer that. Yeah. Should start worrying about what's going to happen, but I don't see it in the stock market unless I'm missing it. And I really don't hear, see it in my world unless I'm missing it, nobody's really talking about it. And maybe, maybe they look at it or view it kind of like, well, as long as one side doesn't take control of the entire state, I'll figure a Republican president and the Democratic Congress or vice versa, nobody can do anything and maybe that's the best thing. Mm-hmm. Yep. That's right. That's right. Exactly. Yeah. We're really not seeing a lot where the only thing we're seeing, we're not seeing anybody panic, which is very, very unusual and again, maybe because we're still got a few weeks before the election, because normally, you know, my account reviews, majority of the review is spent talking about politics, not by my choice, but that just tends to be what the clients like to do, not seeing that this time. And then really, nobody, and again, Corey, I've done this a long time like you have. I literally in the years past, when presidential elections roll around, I have clients go, "You know what? I don't care what you tell me. Move me to cash, right? Trust you. I respect you. But I'm moving, I want you to move me to cash." And, you know, we'll try to talk them out of it because nine times out of ten, that's going to be the wrong move, you know, doing that ahead of a presidential election. I had one guy last year, Corey that, or last election that did that, and then sat out at the election after Biden got the win and set out the market for, I think it was two years and obviously missed substantial, substantial. But some people are that way. They just have no trust on the other side. But again, not really seeing that so far this time around. Don't know the reason why. I can't figure it out. But, you know, it's a good thing because, you know, as Jason and I have shared, Corey, and you brought this up, the data shows folks that the market does not care who the president is. It really does. I mean, you'll get a little bit of a knee-jerk reaction. But again, to your exact point, Corey, the market does care about the makeup of Congress. That's where, you know, "things will get done or not get done." And like Corey indicated, you know, it really doesn't matter if it's a Republican or Democrat, you know, right in this country, what matters is what's the makeup of Congress. We have a Republican and on one side and Democrats on the other, or is it swayed one direction for both parties? You know, obviously it's anybody's guess. But Corey, do you not find it interesting that you're not hearing a lot about the congressional races per se? I mean, yes, you see the ads, you hear the ads, so on and so forth. But it doesn't seem like you're hearing many predictions that, hey, you know, looks like the Republican side or the Democratic side is winning. I mean, it's really strange that we're just not hearing much about it. Maybe the case is obviously presidential year, but I thought that that was kind of interesting leading into the election also. No, you're spot on because you really don't hear that much about it now, and it might be because the two presidential candidates are sucking all the air out of the media. Right. And it's just not there yet, but yes, it's, it's, there's not a lot to talk about. I'm sure there'll be a ton to talk about it on election night, depending on how everything goes. Um, you know, I think maybe we're all getting a little bit smarter. You can see how each side promises to do this and that, but we all kind of understand how that you're really not going to get anything done. And that might be again, the safest thing for all of us is just people in Washington, D.C., can't do anything. Yeah. Yeah. That is as sickening as that sounds, Corey, you're absolutely right. And everybody seems to have that exact opinion as sickening as that sounds. And, you know, I mean, don't get me started, but yeah, the way things are running, what Washington is just, you just sit there and you scratch your head, you know, it's amazing the amount of money. Of course, that's being spent on this presidential election, you know, the billions and billions of dollars by each side. And like I've always said, if, if I could rewrite, I don't know if it's in the Constitution or where it would do, but if I could change the rules somehow, some way, I would say, you know what, no politician could spend any money unless they wanted to spend their own, um, when, when they're running for office, because that's all it boils down to. Who can be the biggest money raiser? Right? Well, it boggles my mind the amount of money that people will donate to their political causes. You know, that's their belief. And they're right, of course, but wouldn't it be interesting to see what kind of candidates we really would finally end up with if it wasn't he or she that could garner the most donations, but really they have to win it based upon how good they talk to people, what their policies and, you know, the policies are and all the things that you really want to do instead of, you know, people being swayed by, oh, yeah, I saw that ad 5,000 times. So it's lodged in my brain that Trump is bad and Harris is good or vice versa. Yeah. And that part just irritates a hell out of me because every single presidential election, I just, I shake my head and said, think the amount of money, how much better use that money could go to, how much better use billions and billions of dollars could go to instead of just, you know, being thrown away and advertising and stuff. It's just, oh, that part just gets that kind of mean. That thing is it's kind of like you hear about those scams and this and that and you think, like, how could somebody fall for that? But obviously it works because people fall for it. So these ads and these last minute things, it must work. These are smart people. So it must work. Otherwise they wouldn't spend all their money doing it. Yes. But I'm with them and rely on your own bank account and rely on your voting record and then have some term limits to everybody gets to spend two, maybe four years. That's it. Then you're out. That's exactly right. Exactly right. Well, Corey, I guess all we can do is dream because probably in our lifetime, it'll always remain the same. Exactly. Oh goodness. All right. When we come back, it's time to roll up the sleeves and get down to our September local real estate data. Again, we're going to share some great bits of information with you. Thanks to Mr. Edge. But first, let's turn it over to Mr. Neft. He's got news traffic and weather. Hey, Greg. Welcome back to the John Sanchez show on his stock 780K, which with Corey Edge of Edulity, Dwight Mallard of Senator Joanne Lindem has the afternoon off. We finished down 325 on the Dow, the Nasdaq lost 187, the S&P lower by 45. All right. We're going to get into our local real estate data. But first, Corey, I didn't get a chance to talk to you off there today. So I'm going to kind of just put you on the spot here, but no big deal. Did you happen to see the Wall Street Journal article in regards to mortgage buydowns and how prevalent they're becoming with new home builders? You know, I read the headline, it didn't read the full article, but I think it had something to do with the amount of pricing and keeping the profit margins as well, right? Yeah, that's exactly it. And it's mind-boggling the amount of business that these home builders are doing with the mortgage buydowns. I'll give you a quick example. I'll give you that data in a second, but they featured this one gentleman by the name of Garcia Para, and he's back in, I think, in Dallas area or something. But anyways, shopping around, I couldn't find anything, drives by a new housing track, goes and talks to them. Builder offered him a mortgage product that lowered his payment by hundreds of dollars a month. His mortgage rate was just below 4% for the first year and 5% for the rest of the 30-year loan compared to the market rate of more than 7%. The home builder agreed to cover the difference. Corey, that is significant. I mean, we've done a number of shows in regards to mortgage buydowns by some of these builders, but, you know, conversely, we had some earnings numbers come out here recently, like KB homes and Lanar, et cetera. That missed their Wall Street estimates, and I'm wondering how much of that, meaning the mortgage rate buydowns really, you know, came into play to hurt the profitability, hurt the bottom line. Well, you would have to, and again, I don't know, gross numbers, but you would have to think it takes an effect because whether you keep the high price and pay the points, the discount points, the buydown, or you lower the price, your net number is still lower than the headline number, but for whatever reason, and I would think, you know, Dwight, it would know better than both of us probably, but I would think if I'm a builder, you have to A, attract the buyer, but you also have to make sure it feels like the price you're selling to this person at is the same or higher than the price you sold to the last person at, otherwise, people get worried, and then they may not buy either way if they feel prices might be going down, but I think you're, I mean, hit the nail on the head that the actual profit in that house is lower than what it appears to be, which, you know, if you're in the stock market, then it goes straight to the bottom line, and that's what you're looking for. That's right. That's right. Exactly. So here's the data, Corey. According to the Wall Street Journal, around three quarters of builders recently used rate buydowns that covered the entire 30-year mortgage. And I found that interesting, Corey, that it's not just, hey, we're going to buy down for, you know, the next year or two, and then you're done, you need to go get a mortgage yourself. We're getting, again, for a full 30-year mortgage, and that's according to September survey conducted by John Burns, who's a very well-respected real estate consultant. I used to follow him very closely. More than one third of home builders, more than one third of home builders, Corey, used temporary rate buydowns that covered only a portion of the mortgage, to my point. So three quarters, again, buying it down for 30 years, one third covering only a portion of the mortgage. So what does that do to the existing home building market, Corey? I did not realize that this was so prevalent. I knew it existed. We've talked about it, like I said, many times. But does this have an impact for the guy or gal that's looking to sell, you know, an existing home right now, and again, where potential buyers are, you know, I mean, we closed 662, 30-year mortgage rate today down two basis points, quoting the mortgage news daily. If I can go in and I can buy a brand new house, I don't know this next question I have for you, you know, price differential, you know, square foot to square foot. If I got a 3,000 square foot, you know, let's say five-year-old existing home, a 3,000 square foot brand new home, what am I looking at difference in pricing? But then I factor in, okay, you know, if I'm looking at 6.62 to go to the, you know, get a traditional 30-year mortgage, but yet I can get 5%, you know, 4% my first year, 5% for the remaining 29 years, man, that's a hard case to argue against Corey of night buying the new versus the existing. So help me out there. Absolutely. And I think one of the saving graces that has kept our resale prices as sticky and as high as they are, is the lack of inventory. And as strange as it sounds, and I'd have to, I'd have to pick Aaron's brand too, because he probably, you know, deals with it a lot more than I do, but very seldom if ever do I get buyers that say, hey, I want to look at existing older homes, but I'm also going to be looking at new homes. It's kind of like people who've attracted to new properties, or they're not. And, you know, I think we've talked about it on here before, where I don't know if it was you telling a story or something about, hey, I just love brand new homes and if I'm going to buy something, that's why I'm, yeah, there's a lot of people that, yep. And there's a lot of people that love that. But on the flip side, there's a lot of people like, no, no, I'm perfectly good with a 40-year-old home and the big trees and blah, blah, blah. Right. Right. Exactly. Yeah. I like that fresh brand new home smell. Mm-hmm. Nothing like it. Put me in a good mood. Okay. Well, that's interesting. So, off the top of your head, I mean, let's just jump right to our data here. So right now, the median sold price per square foot in Washoe County for single family residences, $323 a square foot off the top of your head, comparable, you know, are we higher or we lower do you think on a, on a new home pick, you know, when your favorite national builders, any idea? I would guess we're higher. Okay. I guess the retail market's higher. Right. Right. Okay. Interesting. Okay. That's what I thought. Very good. Okay. Well, thank you for answering that. And like I said, I did not prep you for that. So great job answering that for you, or for us. All right. Um, speaking of answering, boy, my friends over at SNW Tracker, they got all the answers for you. When it comes to your yard and your land and getting things done, go take a look at the great coyote tractor. They're amazing machines. So affordable and a great dealer. Just stop by and see, stand on the crew at SNW Tractor located at 4880 East Island and Carson City for number 882-1225 and online at SNW Tractor dot com. Okay, Mr. Edge, let's start at the top of the list. The median sales price, we're at 550,000 for the month of September down 4.1% compared to August. So I'm going to say roughly 20 little over 20 grand probably, but we're up about 4.8% from a year ago in September. Talk to us with what's going on with our median price right now. Yeah, like I said, it's just kind of, I don't mean to put a damper, it's kind of a boring, nice little trend line. It's staying high. You're getting more inventory, which we'll get to later in our port, but you're getting more inventory, but the prices are still picky because people are still willing to pay that price. Um, maybe they're more conditioned to pay those prices now because we've been dealing with this for a couple of years now, um, and they're getting more buying power because interest rates have come down. And even though we're down 4% month over month, you know, we're going into this, what should be the slower season, the holidays, it's not completely normal. So you're going to see these prices come down a little bit. You're going to see the market sales slow down a little bit, but it's nothing unusual. And we've talked about it, so I don't know how many years on the show that if you can kind of hold the, it's just like the market. If you can kind of hold these levels and everybody gets used to them and agrees that that's really the value of these things, that's, uh, from where we started in 2019, that's a win. Of course. I was thinking just kind of tread water. Absolutely. Speaking of historical medium prices, Corey, I think this is a great time to, to just enlighten everybody. I like to do this every few months when we do this report. Let's go back to, uh, as your chart shows, January of 2014, okay, listen closely folks, January of 2014. Okay. So 10 years ago, a little over 10 years ago. The medium price in Washoe County was just a smidgen, looks like maybe about 201, 202. So we'll call it, we'll just round it down, $200,000. Our medium price again, as of the end of September this year, 550,000. Oh, Corey, oh, Corey, what a return that is. That's a better, you know, I wouldn't say better, but that's, that's like a stock market return, right? More than doubling your money. So that tells me we've averaged, uh, over 7% a year for the last 10 years, I can do the quick math there. So pretty phenomenal, pretty phenomenal, uh, to see that growth. And that has created a lot of wealth with people. Corey, what has this done for the real estate investor? I, again, that, that has had their mortgage paid by their tenant for all these years, and they've seen their home prices more than double over the last 10 years. It's created a lot of wealth. I've dealt with a few people just in the past year clients that, that you and I both helped by properties back in the bottom of the market and just clients that I've just met over the last, you know, called 24 months about properties that are sitting on some very nice equity cushions and it has helped to them personally with retirement savings, with life events that happen. I have a couple of clients that without that equity buildup and things that are happening now in their life, they wouldn't have been able to make it. And so it's changed a lot of things. And I think, you know, a lot of people, it's hard to look back, even though I always point back to the recession, but in 2014, I mean, we were four or five years removed from the depths of that market when everybody thought it was going to crash and it was never ever going to come back. And I think if you were to look at this chart, at least I do, when I look at this, you think like, wow, if something like that ever happens again in the future, now we kind of know how the economy works. It will work its way back at some point. You just got to give it time. But you know what, Corey, to use your example, I always say that when we have a stock market crash where we go through a period of correction, and it's right, and you're 100% correct. But you and I both know, human psyche is, there is no way in heck that I'm buying, you know, when real estate prices are down 20, 30%, I mean, majority people, the smart ones will. Same thing with a stock market, right? We are the only business that people will not buy when something is on sale, right? They want to pay full retail because they want to make sure that the price is going up. People stay a little bit different because it's a tangible asset, but yeah, that's a great point that you bring up. Great point. All right, let's sneak in a couple more data points before we go to break. So we told you again, our median price now in September, 550,000 up about 25,000 from a year ago. Close sales, 500 close sales, that's up about 5% Corey for a month over a month and up 7.8% year over year. Joe's strong market, and even though we're going to enter into what is the slower part of the season, that's a pretty dang good number, 500 close sales for the month and I think that's probably attributed to the rates coming down. Buyers are starting to see the inventory and getting to actually buy a house, not just have to make beds and lose out. So I think that number will stay strong probably through the end of the year, especially if the weather pattern holds and we get a nice, easy November, December, not a bunch of rain and I think that'll stay strong for the next couple of months at least. I think this one before we go to break, median days to contract, 31 days, up 10.7% month over a month, but up 47.6% year over year. I'm confused on that one. Yeah, so the days to contract, so when you put it live on the MLS day one to the day it shows pending, that's your days to contract. Most of this John, if I could really dig into it, has probably sellers trying to find the price where buyers are willing to pay, and so there's probably a decent number of price reductions within those days before the buyer grabs it, if that makes sense. Got it. Got it. In other words, price discovery, right? Right. You know, I've gone through that, we can talk about it next, but I've gone through that a lot this year where you price it, where you think, and then you're just kind of trying to find the market. What does the market think they're worth, and ultimately that's what it is? And like you said, market will always determine the price, always determine the price no matter what kind of marketing you do. You know, wisdom of life, rule number one, the market will determine the price eventually. Did you like that term I threw out price discovery? See? See? I love it. And I've used that. I don't know how many times this year. All different clients and all different price bands, but it's like, hey, we're there. We're getting the showings. Nobody's making an offer, so we're just trying to figure out that price that grabs somebody. Exactly. See? I'm like a sponge, Corey. I'd listen to every word that you say. All right, let's wrap it up at Kristin's, knowing that right now, driving center Kristin. Welcome back to the John Sanchez Show with News Talk 780K, which let us get Mr. Edge's fun number saw. 673-6700. Thank you, Corey. Dwight's phone number, of course, at synergy when lending 775-240-2022. All right, we've been going through our local real estate data. Once again, our median price, as we said at the end of September, 550,000, down about 4% from the previous month. So August, obviously, but up 4.8% from a year ago, 500 close sales, 31 days median contract. List price received 98.6. We mentioned earlier, the median sold dollars per square foot, 323. That's up about 8/10 of a percent. Now, Corey, I like this one. Let's go to a new listing, 627. I was surprised when I looked to the left and I saw it down 4.6%, because I hadn't remembered that number being up in this neck of the woods, but it's up 17.9% year over year. Let's talk about new listings. Exactly. And you're starting to get some inventory back in the market. Could be rain. Could be people undoing those golden handcuffs because they want to get their hands on their equity. I mean, for whatever reason, you're starting to see more houses come on the market, which health equalize the market, give the buyers some relief, they can get out there. And again, you're not going to get a huge discount, but at least you're not having to overbid by 30, 40 grand just to get out there. Right. Yeah. Exactly. Well, that kind of ties in. Yeah. Go ahead. I'm sorry. Go ahead. No, no, I was just going to say, I think it's a good thing, right? What we're trying to do is just kind of equalize these things, not to keep the market born, but born real estate markets aren't the worst thing in the world because at least you can count on them and it gives people, like, they know what to expect. And just like in your world, when I know what to expect, I feel better about making a decision. Yeah, absolutely. Absolutely. All right. Our next one's similar to new listens or they're nice and similar, but tied in active inventories, 1378 units up 2.2% month over month, but up 23.7% year over year. That's a big number. I mean, compared to what we've dealt with in the last few years, that's a nice healthy number. And again, not too exciting on the seller's end. They want low inventory, but for the market overall, it's just a good, solid number to keep things healthy and somewhat normal. Love it. And you got to be smiling on the month's supply of inventory. As you mentioned at the beginning of the show, 2.8 months. That's a good healthy number right there. It is. And so even if we're three months, remember, a balanced market is six months. So it's still a seller's market. We lean seller's market, but it's starting to equalize a little bit, just a bit easier for people. So they don't have to make such rash decisions. Absolutely. And that's, by the way, down 2.7% month over month, but up 14.8% year over year. As a quick reminder, if you missed any of our shows, don't forget to pick up our podcast at any of your favorite podcast distributors. Mr. Edge, I've enjoyed being with you, my friend. Me too, buddy. Good to be back. All right, then. Yeah, I wish you a great Wednesday. And we'll see you on Thursday. Corey and God bless. We'll see you everybody tomorrow on the John Sanchez Show News Talk 780, KOH. 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. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting John at Sanchez-wealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through Independent Financial Group LLC, a registered broker, dealer, and investment advisor. Member FINRA SIPC. Securities only offered in states John Sanchez is registered in. Sanchez Wealth Management LLC and Independent Financial Group LLC are unaffiliated entities. Synergy One Lending Week Equal Housing Opportunity, NMLS #1907235, Dwight Millard, NMLS #241259. The information provided today is for educational purposes only. The position strategies or opinions of the show do not necessarily represent the position strategies or opinions of Synergy One Lending or its affiliates. All information loan programs, interest rates, terms, and conditions are subject to change without notice. Synergy One Lending offers home loan financing only. Synergy One Lending is not affiliated with the John Sanchez Show. Any speakers, companies, or institutions feature. This is a paid advertisement. 88% of the workweek is spent communicating, so it's important your team does it well. Enter Grammarly. Grammarly's AI helps teams communicate clearly the first time. It shows you how to make words resonate with your audience, helps with brainstorming, and lets you instantly create and revise drafts in just one click. Join over 70,000 teams and 30 million people who use Grammarly to move work forward. Go to Grammarly.com/enterprise to learn more. Grammarly. Enterprise Ready AI.