The Jon Sanchez Show

11/07- Today’s interest decision and local real estate data

This morning, we received the Fed’s interest rate decision. This afternoon on the Jon Sanchez Show at 3pm, we’ll review what the Fed had to say about the economy, future interest rate decision and much more. Plus, we’ll analyze the latest Northern Nevada housing data.

Duration:: 36m
Broadcast on:: 08 Nov 2024
Audio Format:: other

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Yeah, I got up at two o'clock this morning and some of the little, little tired. Little tired. That's been me the last two days this morning. I actually overslept, got up at 4.30 instead of my normal 4. But, yeah, I'm with you on that one. But, of course, I did fall asleep on the couch for three hours, so I think it started at about seven o'clock. So, yeah. Sleep pattern has been all screwed up this week, but we're kind of concerned about everything. So, yeah. That's all right. Excuse me, it's been a while a week. Yeah, it really has. It really is. Thank you for understanding, my friend. Thank you. I appreciate that. Dwight Millard of Synergy Wind Lending, your world has been as bad as crazy as mine. That wasn't, that wasn't. That wasn't me. I was going to say, Dwight, your voice has really changed a lot. I know it's been a roller coaster ride for you, but man, you really lost your voice. I haven't been slipping at all. That was a good one. That was a good one. That was a good one. Fantastic. A better day to day, John. I got a big ol' smile on my face. Yeah. I bet you do. I fell out of my chair when I saw what the 30-year mortgage did today. I'm like, "You got to be kidding me. You got to be kidding me. That ain't going to plummet to my gosh." Well, the mortgage-backed security even did better than what you're seeing on the 10-year. No kidding. Yeah, it was just a great day. Hopefully, there's relief around the corner. We'll see how long this lasts. I know you want to get into some comments, and I wasn't a big fan of some of the comments, but oh well. Yeah. Yeah, exactly. Yeah. Exactly. Alrighty, boys. Well, let me tell everybody what we have lined up. We're going to do a split reaction here today. We're going to be talking about today's Fed interest rate decision, what Mr. Powell had to say at the press conference, the market's reaction to it. Again, we should be able to knock that out in the first half hours. We also give you a stock market recap. Then we get into the second half hour, and that's what Mr. Edge is going to shine as he does so extremely well. We're going to go through the October multi-listing service, a 2024 market review. You're going to find out what our new median price is, the number of closed sales, list price received. How many listings do we have? What's our inventory? What's our month's supply of inventory? All of the data you need to make an informed investment decision. So guys, let's just kind of get started right into this. It's been a while 24 hours to say the very, I shouldn't say for 24, about 36, whatever the hours were. It's been a while two days. How about that? Yesterday, of course, with the Dow skyrocketing, the Nasdaq skyrocketing, the S&P 500 skyrocketing, and then today we had a little bit more calm yesterday. Of course, the Dow gained 1,508 points. I can't tell you how many times I screwed up on my stock updates yesterday, guys, saying that it's not normal to have those large numbers come out of my mouse. 1,508 point? Just don't do that very often. Yesterday, Nasdaq rose 544 S&P up 146. The question coming into today, was that an anomaly? Was that something that could hold? Could we build on that momentum? And the answer is kind of sort of, but not really. We built on the momentum of those record closes of all three major averages from yesterday. We built on the momentum on the Nasdaq and the S&P side. Nasdaq did close at a record today, S&P closed at a record. The Dow actually closed unchanged. So how bizarre is that one? But we had a lot of things thrown at us today, and let's hammer through these and kind of let you know what happened. So first of all, we go back to earlier this morning. We had the initial claims check-in, up to 3,000 filings for the first time filing for the state unemployment benefit, brought the number to 220,000. Okay, that was a yonder report. Continuing claims. Those taking the unemployment benefit on a regular basis, continuing basis, up 39,001,892,000. That was a yonder. Market didn't really react. Then we had preliminary productivity reports, up 2.2%, a little bit lighter than the 2.5% Wall Street was anticipating. You know, labor cost up 1.9%, pretty much in line, and the market really didn't budge on that. Dow just couldn't get out of its way. We had interest rates down. Unlike yesterday, I'm so glad to white that we, I didn't have to have you on the show yesterday. Jason and I were, we were thinking about you and talking about you, the big run up that we had yesterday. So glad I can get you on a good day. How about that? Yeah, for sure. For sure. Yep. And then, then again, the market kind of went on to a quiet mode waiting for the Fed interest rate decision. And again, this was, you know, put it this way, guys, had Fed Chair Powell not had a press conference afterwards, which he always does, but let's just say he didn't. This market would have just been absolutely lackluster. I mean, it was exactly as everybody anticipated. We got the quarter percent cut, brought the Fed funds rate, which again is the overnight rate that banks charge one another, brought it between 4.5 to 4.75%, all of that was expected. Again, there was a 100% probability coming into this meeting that that's what we were going to get. But again, that happened at 11 o'clock. We had the press conference, which we're going to give you an audio clip of what I think is probably the most important thing the Fed Chair had to say here in a moment. But you know, the press conference didn't really have much of an impact on anything whatsoever. I mean, it was something that, again, Fed Chair Powell was, I would say he was very optimistic, right? He didn't say anything about the Fed's policy that was out of whack. But I think the takeaway was it was what he didn't say or what he didn't imply. Now, what I mean by that is he did not implicitly remove the possibility of another rate cutting December. Okay. The street is pricing in. I haven't seen the latest probability after today's meeting, but the street is pricing in another quarter percent cut. Again, he did not say anything that the Fed wouldn't be doing that. He also reiterated that the policy, meaning the Fed's policy is not on a preset course and that decisions will be made on a meeting by meeting basis. Okay. So that's kind of what they always tell us there. But he also had a bit of confidence, wouldn't you agree, Corey, a little bit of almost a smidgen of arrogance, marveling at the strength of the economy and the Fed's policy settings, almost like, you know, if he could have reached his hand behind his back and padded himself, I think you probably would have done that, which is fine. He says, you know, both of which the strength of the economy and the Fed's policy, he says, they're both in a pretty good place right now. Actually, he said very good place. He also deferred answering any questions about how future president Trump's policy proposals might affect the Fed's decision-making abilities and so on and so forth. And he said, look, we the Fed, we can't model and he used that term a lot, right, Corey? He used that term a lot modeling because he doesn't know any of the specifics yet, right? No one does. Sure, probably doesn't. So you can't expect the Fed to do that. But probably one of the most important things that he had to say is the following. Jack, play the clip, please. Go. Some of the president's elections advisers have suggested that you should resign. If he asked you to leave, would you go? No. Can you follow up on, do you think that legally you're not required to leave? No. Michael McKee from Bloomberg Radio. Notice the silence. Notice the silence. Folks, if you get a chance, go to your favorite website, YouTube, whatever it is and watch Mr. Powell's reaction. He was stone-faced, right, Corey? He was stone-faced. His glasses were on the bridge of his nose and that's the first time I've ever seen him almost see steam coming out of his ears. When he was asked if he would resign, if president-elect Trump asked him to, and he gave that remark, I again, I about fell out of my chair, not to use that term again. I about fell out of my chair when that question was asked to him and he answered that way. It was great. It was phenomenal. All right, Corey? And they asked him twice or another reporter that asked him not only about himself but other fed members, and he was just, I mean, if he had just come out of his eye, that guy would have been told that he actually was the same way, a little bit more expanded of an answer, but yeah, I kind of, I kind of took them off, you know, a bit of boss in the bottom. Yeah, it did. It really did. It really, yeah, and what's amazing, folks, that was, that was pretty far into the press conference, right, Corey? I don't know what half an hour at least into it. And again, he was in a very good, very confident mood. Markets were just kind of bebop and back and forth, nothing real major. And then as soon as he had that question posed to him, it was like a light switch came on. And like you said, that's a great analogy, Corey. If he had lasers in his eyes, he would have just cut that reporter in half answering that question or asking that question. Yeah. Yeah, it was a personal and, you know, he's defiant. I agree. He's, they're on the path they want to be on, they're heading the direction they want to be on. And he seemed to me a little defiant today, which could for him, it needs to be, right, right? I agree. And that was all the noise. Just keep going where you're going. Don't worry about what Trump's going to be doing in his policies and so on and so forth. And he's right. Yeah. Again, no one even knows. And like I said, again, I'm going to repeat myself. Even Trump's team probably doesn't know what they want to do, but, but I, I, can I break it? Yeah. Very real quick. When I found fascinating. I mean, I get what this in there, but nobody has yet asked him, Hey, you cut the rates a half a point in September and mortgage rates went up over one point. Can you explain? Can you explain that, you know, the logic behind all of this that is nobody even asked him that multiple times today? Yeah. Go ahead, Greg. How's it going to say the same thing? I was just going to say they asked him multiple times about the bond market this night. I thought one of his good answers was, if you remember back last year, mortgage or the bond market 10 year hit 5%, everybody freaked out, it goes two weeks later, right back down to four and half. So we don't even, we don't watch the short generations. We don't look at it. We look at the overall park of where it's headed and it's heading in the right direction. And I had to mute it for a little bit. So I don't know if I missed this portion of Dwight and Cory, but most likely if he didn't say it, he was thinking it, you know, the Fed controls the short end of the curve, the twos, the three maturities, treasuries, that type of thing. The Fed doesn't control the 10 year is going to be his answer. Like I said, and maybe he said it, but I guarantee that's what it was. As frustrating as that is to you being a mortgage banker, that's, you know, that would be his answer. And then on top of what Cory said, which he actually, you know, again, did answer there. So no, but you're right, Dwight, you're, you're absolutely right. But at the same time, you know, I had mortgage rates fall in a half a percent instead of rising a half a percent since that Fed cut, you know, what would he be doing? Would he be taking a victory lap around the track? Probably not. He just say probably the same answer. We don't control it. And, you know, look at things are going to go up. Things are going to go down. I know he used that term a couple of times today too. So yeah, like I said, Dwight, I feel for you, brother, I feel for you and I feel for all of our listeners that, of course, are trying to get a mortgage and they're, they're fighting the seven percent. But hey, guess what, guys, we got some good news because it ain't at seven percent anymore. We'll tell you why when we come back, let's turn it over to Kristen Snow in the right now. Traffic center. Hi, Kristen. Welcome back to the John Sanchez Show, a new stock, 780 kilo H with Dwight Mallard of Center Joo and Lending Coriage of Edge Realty. Once again, we finished with a big goose egg on the dowel. That doesn't happen often, 43,729 closing level, NASDAQ gained 286 to a record close of 19,269, S&P higher by 44, a 0.74 percent gain NASDAQ, by the way, one and a half percent rise and the record close on the S&P 5,973. Over to the oil front, up 1 percent today, strong day for oil, 72, 39, a barrel. Also a strong one, which again, was very weak yesterday. Today finished up $29.50, 2007, 05, 80, an ounce. And the reason Mr. Mallard is smiling so much, nine basis point cut on the 10-year treasury, 4.34 percent. Mr. Mallard, bring out the good news as far as the 30-year mortgage. Yeah, I'm happy to report, according to mortgage use daily, the 30-year fixed-rate average conventional loan is at 6.98 today, that's down 15 basis points from yesterday, which was 7.13. So, I mean, that's a big movement. I still don't like the 10-year, 4.34, you know, I think, you know, I mean, I'm cheering on it to get inside of the floor again, but we'll take it yesterday with kind of a beating. So you got some of it back and hopefully, I don't know, John, I can't figure out, you know, where this market's going to go. You know, and I want to ask you a quick question, I mean, wasn't Powell, he was there when Trump was there last time. So it's not a surprise, correct? I mean, and, you know, it's funny, I thought rates, I want to just point you to, I thought rates before the pandemic, at the end of 2019, was sitting around four and a half. I was corrected by a friend of mine who still has a rate sheet, they were three and a half, John. So without any government intervention prior to, I mean, that's where Trump had them before a pandemic. Do you think Jerome Powell's really surprised at what Trump's going to do or not do? Publicly he's going to act like he's not surprised deep down personally. I think he is probably thinking anything goes, right? That's if this round with Trump is anything like the past, nobody knows, right? Our lives were dominated by tweets in the middle of the night and crazy tariffs and so on and so forth. However, you know, the, the, the chatter right now is the many say that he learned a lot of lessons that in mistakes, like I just mentioned, that he's not going to repeat again. But who knows? Right? It's, it's in his personality to kind of go off the cuff of things. But I want to go back to something you mentioned a moment ago that you're cheering more for the, the tenure to go below four than, than anything else. I think in my opinion, Dwight, I think it's going to be the opposite direction. I think you're going to be seeing that tenure, you know, which again, closed at 434 yield. I think you got a good probability that you're going to see it in the 5% range. I really do. And here's, here's my reason behind this. I agree. Yeah. Yeah. There you go, Corey. And let's get Corey's opinion here in a second. I'll give you mine. You saw the reaction yesterday with, with bond yields surging. Again, they had no impact on the stock market because the algorithms were just going crazy yesterday. But as this market in the bond traders deal with the fear of rising inflation, this is my big concern. Dwight, I think, I think we're going to get our quarter percent cut. And I think the Fed is going to be done because I think we're going to start seeing CPI, PPI, and PCE prices all starting to rise in anticipation of what future President Trump is going to be doing. Right? So those bond traders don't want to be held along those, those bonds in a rising inflationary environment. So they're going to start dumping them ahead of time before Trump takes office in January. You know, you couple that with, again, the fears of, of, of tariffs and so on and so forth. We're going to have a little recipe for inflation and as we all know, the biggest enemy of bonds are inflation. And so I think, I hope I'm wrong. I really do, but I think folks, if I were you, if I were on the fence, you know, waiting to get a mortgage, so on, so forth on the anticipation, the hope, the prayer that you're going to see another six and a half or lower on a 30 year mortgage, I would call Dwight right now and lock in. I really would it sub six, sub seven percent because I don't know how much better it's going to be. I totally agree with what you just said. They're going to, not only are they going to see the inflation from some of the stuff, and I'm not saying it's wrong. That's what he ran on. That's what the entire country clearly voted for them on, so nothing wrong with it. They're also going to be spending a bunch of money. So when you get these bond market traders, especially the big ones, I mean, you're spot on. They're not going to take a rate today knowing that the debt's going to get added on to probably pretty significantly. They're going to wait. They're going to throw a temper tantrum. They can see those rates, you know, five, five and a half. I mean, who knows where it goes, and it may overreact. It may go higher than that overreact and come down. Everything with Powell and Trump, you got to remember the first two years of Trump's presidency, the first time Powell was raising rates, and that's when they got in the big kind of, you know, match that they got into, and then he's shrugged off. So I know that Powell's lowering rates, maybe they'll get along a little better, but it's kind of a different dynamic than why they were the first time. Yeah. That's a great point, Corey, that on top of, they're both a little bit more experienced in their position. Remember, Powell was brand new on the job, like you said, in those first two years, and Trump didn't know what he was doing his first two years. You know, he came in and it was a disaster as far as having the right people in place and so on and so forth. And I know he's going to do better this time. He's going to bring in the right people, et cetera. But also you got to remember too, guys, something we're not even accounting for. Who's going to be in the next treasury secretary? Right? That position is going to go by the wayside. Who's going to be? It's not going to be Janet Yellen. I promise you that. So who's it going to be? John Paulson. John Paulson. There you go. And, you know, so, yeah, Dwight, unfortunately, I wish I could be the bearer of better news, but I think my advice to anybody is, you know, reach out to you now and lock in because I don't know how much better you're going to be. And I think it's a nice psychological thing to say. I got a mortgage below 7% without locking or without having to buy down and pay points, et cetera. But all odds are pointing to, you know, this tenure just going higher in all rates, all rates, you know, bottom line. Well, John, and this is going to put, again, additional pressure on sellers, including builders that we talked about last week, you know, continuing maintaining these incentives that they just can't. I mean, it's amazing for just walking in, they want the home reduced, and they want all these incentives. So, I mean, I guess, you know, like you said, take advantage of windows right now, and maybe I ducked off my resume. Is that what you're, I mean, that was. I told you, I have a spot of Santa's wealth management, but, you know, yeah, I mean, you guys saw yesterday, the performance, I think you, I'm sure you did, the performance of the publicly traded home builders to exactly your point, Dwight, I mean, they got decimated yesterday with that 10 year running up. Like it did. And it was, it was, I think, just a taste of what can come down the road, because those, those, you know, we, we have the home builders in our portfolios, and so we watch them very, very closely. And I'm telling you, this is a group that's just teetering right now, right? They had a hell of a run up up until this point, gave a lot of it back yesterday. And, you know, this morning they were doing okay, let's see, kind of where we finished at. Yeah, they came up a little bit today, but, but definitely not enough to make up for yesterday's loss. So the street is very nervous on this group. I mean, once again, that 10 year yesterday, I just brought up my notes here, 14 basis point increases what we had yesterday with the yield close of 443. So just think about it, guys. I mean, if that was in one day, that was a little bit of a shock, but we saw those home builders sell off heavily. Imagine if we just climb up another 14 basis points, you know, from, from where we are right now, what's going to be the reaction on there. So I think, I think right to your point, guys, this is going to be a tough group. It's going to be a tough group with these yields climb. But it's a, you know, it's an interesting one because there's such supply and demand, as we know, people want to buy homes, they want to buy them from these great national builders that we have and some of our great local builders. But I don't think they're going to be touching much, you know, going forward. The only, the only bright spot that I would give I want to finish up on this point with, the only bright spot I'd love to get your guys' opinion on this is the optimism that's going to come back or that is starting to come back in this country. We know taxes are going to be lower. We know there's going to be all kinds of economic stimulus, again, bad for rates. But I'm just wondering, Corey, I'll start with you very quickly, could that optimism be enough for people to go, you know what, I don't care if I have a seven and a quarter percent mortgage. I know my job is safe. I know the economy is going to do great. So therefore, let me just kind of suck it up and then, you know, give me my seven and a quarter percent mortgage. Yeah. I think, you know, we've talked about it for years, we're a pain in society. So you can charge you 10% or if I've got, I get a raise and my job's secure and I can afford it. Great. Let's do it. So yeah, no, I think they can completely offset each other. It might not be as bad. And as we're thinking, for sure. All right. Welcome back to the John Sanchez Show on his talk, 780 KOH with Corey edge of edge related to white malartis synergy one lending. We finished with a goose egg on the Dow up to 86 on the Nasdaq and a rise of 44 on the S&P 500. All right. So we had a Fed interest rate decision, quarter percent cut noics, nothing really a major surprise. I said, no, I can't be fired if Trump wants to fire me, blah, blah, blah, blah. So now let's turn the page. Let's get down to something and you have a little bit more importance to all of you. And that is, of course, how is our local real estate market doing? Want to thank Mr. Ridge for giving us this information and both of the boys are going to be digesting it and interpreting it for us. So this is, of course, the month of October's real estate information. Corey, as we always do, let's get started on our median sales price five hundred fifty four thousand ninety bucks. And so remember, this is a Washoe County stick fill homes and town homes. And so that's your median average up less than a percent month over a month, up four and a half percent year over year. You know, my take on it, John, as you're coming into the seasonality, we're coming into the holidays, a snap of our holding ground where we mentioned good games and we're holding onto them. So I don't think that's necessarily a bad thing at all. Corey, think about that for just a second. I know you live and breathe this every day. But think about this for a second, four and a half percent increase doesn't sound like a lot, but when you're talking, you know, five hundred thousand dollars plus, that's north of twenty thousand dollars on average that we've seen people's homes increase, it's pretty substantial. And again, this has been in a high interest rate environment as Dwight, of course, knows very well. What would this do, Corey? What would this do? Can we get back to the six hundred? Let me rephrase the question, what would it take for us to get back to that six hundred thousand mark? Just more of the same right now, get out of the holidays, et cetera? Yeah, I mean, you're going to go through this seasonality paradise, I don't like a broken record. We'll get Jordan January, I've heard some of those, because, right, but then you have this thing of how do we get back there? Well, just a little bit of time. We'll probably be back there next summer if nothing goes crazy. You can lower rates, which may spur some stuff and we've, you know, just had a big discussion about how hard that is. It's the market that does the right stuff, but then you might see some inventory. So as of right now, it's still that same old store, but harping on the inventory slowly creeping. We'll get to it. They start historically low inventory, which is keeping everything, you know, on this nice little plateau that we have. So I don't know, careful what you wish for if you start lowering rates and get a bunch of inventory, it may adversely affect your price. Right. Right. Exactly. Dwight, you deal with the home builders a lot on the lending side of things. Let's say that what we said in the other segment, where we're hovering, you know, north of this 7% mortgage rate, but again, we have this new optimism in the country for a lot of people, not everybody, of course, but for a lot of people. What do you think it would take to get this medium price back up in the 600,000 range? I think lower rates would definitely do a tight inventory, right? You lower the rates up 100 to 150 basis points. I think you'd start to see that just the consumer out there pushing them up. John, I want to make a couple. If I can real quick comments, you know, I was on my, you know, that training I told you about on Tuesday. There's $11 trillion of pent up equity, right? I mean, there's, there's a lot of equity sitting out there. So I think you might start to see people dip into that through their savings and credit cards. The other thing is, I just want to quickly mention on the, on the inventory, there's a couple things being thrown around in Washington, and you may have already heard this or Corey. One is a moratorium or a suspension on capital gains. If you sell your investment property to a single family homeowner, you know, owner, I'll cover them. Yeah. So they're talking about that. So when you say moratorium, yeah, go ahead. Well, they're talking about three suspension that three years suspension that for three people, a window of three years, if you haven't, because there's a lot of equity there, they want to take it. You can sell it, but as long as you sell it. So there's some proof. But these are things that are actually now substance, right, John, that perhaps could help. So there's that. Okay. Finish your thought though. Finish your thought. What are they proposing? They're proposing that if you have an investment property, you can sell it without capital gains or reduction in capital gains as long as you sell it to somebody that's buying it as a primary residence for their primary residence. Interesting. Interesting. John, the other one, you're going to like the other one. There's a proposal, these hedge funds to mandate coming to get rid of 10% of their inventory. These hedge funds over 10 years, 10% over 10 years. And they're the top five hedge funds have over 700,000 single family residents and their portfolios. I don't know if that one's going to be as easy. But these are the right directions, John, these are I take away capitalism. Well, okay. Okay. But let's back up before we get too excited. Are these proposals were they created when there was a possibility Harris was going to be the president? No, I think this has been from the mortgage bankers associate. This has been shattered. It's been going on now for probably 18 months or so trying to address the inventory problem. And I don't think these are the end all be all, but they're so significant now is being talked, you know, and again, maybe there's a true somewhere in the middle there. I don't know if Corey's heard this, but yeah, you know, these are the I have heard the careful game one and I do like to I didn't kick it around for a while for inventory, but, you know, Donald Trump is the type of person that on these particular things will think outside the box. That one to me is not that far. That's because he understands what that means and the thing you just got to careful of is you give everybody a tax holiday to sell an investment property, you may get flooded with inventory and then they're going to have a pricing issue with the other stuff. So a little bit too good of a thing, but he, you know, that's the beauty of having him as a president. I want to get on on the soapbox, but he doesn't think like a normal politician. He thinks that's business man, and that makes a good business. Absolutely. Absolutely. Wow, that's fabulous. That's very interesting news, guys. Yeah, I had not heard either of those. So thanks for bringing that to the table, Dwight. John, another thing too, real quick, while we're on median price. So we just went over to Washoe County, 554, new home builds. I don't know if you saw the stuff I sent you and Dwight before the show. And this is across the state, but the median sales price in Nevada in September was 587. So you can see it was up 4.4% year over year. So you can see how closely these are marrying each other. Yes, yes, that is interesting, interesting. Well, Dwight, I got sidetracked today. I want to finish my thought in the, we'll move on from medium sales price. You know these home builders very well. Do you, do you think it's out of question that, that, I mean, there are, you know, there's some, these are multi, multi-billion dollar corporations. I'm sure they have a lot of contact with Trump. Do you think that they could do a roundabout, you know, back door type of conversation with the future president about, you know, trying to get these rates lower so that they, like you said, they're kind of teetering. I mean, we had, uh, uh, deal Horton got downgraded today, even though the stock finished up a little over a buck. But do you think they could come through the back door and try to put pressure on the president to our future president to, uh, you know, get these rates down and, and, and spur some of this, you know, stronger activity? 100% at the Corey's point, he will listen to. I believe, I mean, he's going to listen to the Lenard, the DR Horton's, these mega, mega builders and say, what is it you need? Because he can't help them on the local level with the hookup fees and all that stuff. But he can help them. Yeah. I, I, I were on the federal reserve side of things, hardly in you guys. I mean, we got a businessman that let's, let's take care of business. Absolutely. All right, Corey, let me, uh, let me hit just a couple of these, then we'll come back and let you finish it up. So close sales, uh, for the month of October, uh, 499 down two-tenths of a percent, but up 18.2 year over year. Any comments there, Corey? No, just staying right in line. I mean, we're getting good year over year numbers. That's good. All right. Median days of contract 35 up 16.7% month over month, uh, 25% increase year over year. Yeah. That, that's when you kind of keep an eye on it. If that one stays elevated through call it February, then there might be a little change in the market. That's just taken a little longer. Okay. List price received 98.6%. That was unchanged month over month, only up two-tenths of a percent year over year. Yeah. And just normal. I mean, we always crashed right in that 98 to 102% range. Right. Right. And last but before we go to break, uh, number of new listings, 599 for the month of October, down 5.4% from September, but up 28.3% year over year. And as a buyer, that's the one you're looking at, and the new listings, John directly correlates with the median days to contract. You're getting more houses, which means they're taking longer to sell. Good explanation. Good explanation. All right. We'll come back with what everybody else wants to know, which is the inventory. How much do we have in our active inventory? What's our month supply of inventory? When we come back with Corey and Dwight, let's wrap it up with Kristin Snow in the right now at traffic center, Kristin. Welcome back to the John Sanchez Show on new stock 780KOH. Mr. rance. Can we get your phone number? So. 6736700. Mr. Millard. 2402022. Beautiful. All right. We've spent this last half hour approximately going through our local real estate data. Once again, our median price for the month of October, 554,000 090 up 7/10 of a percent month over a month and up 4.5% year over year. Now we're down to where it all starts, which is if there's no houses available, all these numbers can get really swayed. But Corey, like you said, a little bit low still, not as bad as we've seen, but overall, not bad. How much? What do we have in our active inventory? So as of October, 1343 houses in the active inventory down just over 4% month over month, but up 24%, 23.7% year over year, and that's a good thing, John. I mean, it just kind of gets you an odd, unequal market yet that gives us about almost three months worth of supply and remember six months of the balanced market, but you're much higher. You can remember the days when we were talking about half a month, maybe a week's worth inventory. And so at least it's filling a little bit, there's a little bit of hope among the buyers that they can go out and find something. How competitive are we right now, Corey, with 1,300 homes available from, you know, versus other real estate professionals, et cetera? Is everybody vying for listings? What's that looking like right now? Yeah, it's all, I mean, there's such a low amount of inventory and there's so many agents that there's always, you know, competition for listings. But there's more listings, gross listings out there now, which means there's more buyer activity that can actually happen, which means there's more loans, there's more title policies, there's more inspections, there's kind of more anything as far as these close sales go. I think, you know, we'll touch on it maybe at the beginning of the year, but I think buyers, they're not quite used to all these new rules yet, but it's starting to sink in a little bit. So we probably had a little bit of a shock to the system back in August and now that's working itself out. And so again, if we give the buyers commission inventory, you know, the new rules about signing up with an agent to look at the house can hold it, you know, if Trump could do anything, maybe he could reverse all that. You know, but wouldn't that be something. How, real quickly, how's that working, any, any, any pushback, et cetera, from buyers, sellers, et cetera? The commission part of it, there's really not a lot of pushback because all the sellers are still saying, Hey, of course I'll pay if you want to give me my price. I'm happy to pay the, the tricky part for the buyers is signing these agreements. And if I go look at a house, I got to say, this person, do I pull a couple of stories and now I've had a couple stories where, you know, some of these bad apples in the industry will come in and find up a buyer on one of these things and the buyer doesn't understand what they're signing. And, you know, it's just, it's confusion. Unfortunately, I had chaos for something that doesn't need to be chaotic. Exactly. Yeah, it was chaotic enough before the new rules. Do I wrap us up? What's our advice right now with, you know, mortgage rates now slightly dip in below seven at 698. I'll go after you guys said it's exciting times. There's houses out there. There's been a little bit of inventory, you know, get out there and get hooked up with something like Corey and start looking. Yeah, exactly. It's going to be an interesting times guys. I'm so glad we got to be together two days after the election. And yeah, we're all very, very excited, optimistic. I think this housing situation will get resolved through some creativity by the Trump administration. Great job, fellas. See everybody tomorrow on the John Sanchez Show God bless. 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 Wealth Management.com or 775-801-01. 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. 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