Turlock and Central Valley Housing Market Update - August 11th, 2023
The Latest Central Valley Housing Market Update
0:00 Hello friends, family, neighbors, people interested in real estate, people that are just kind of curious about what's happening in the Central Valley real estate market.
0:10 That you've come to the right place. This is Caleb O'Hara The Red Shoe Realtor with the court team at REMAX bringing you your weekly Central Valley housing market update for August 11th, 2023.
0:22 Just so you don't get too bored, let's not delay any longer. Let's go. The numbers as they stand this week, Turlock, 76 available homes for sales, same as last week at 76, 59 pending down from 63 the week prior, 13 sold down from excuse me, up from 11 the week prior, average number of offers, 2.8
0:43 offers on all of the listings that win ending. So up just slightly from 2.4 the week prior, Modesto's inventory pretty much the same as well, 202 active listings, 201 the week prior, 166.
0:54 Pending 156 for pending the week prior, 25 closed escrow that's down from 36th week prior, average number of offers, 2.6 up slightly once again, stagnation interlock and in Modesto, Ripon 8.
1:11 8 Pending down from 11 the week prior, 5 closed escrow and that's down from 3 the week prior. I don't know my ups from downs today, holy smokes.
1:21 Average number of offers, 2.3 offers on all the offers went pending in Ripon in this week. Manteca 96 active listings up from 91 the week prior, 96 pending, that's up from 89 the week prior, 8 closed escrow, that's down considerably from 17 the week prior, average number of offers actually spiked
1:38 Manteca this week at 2.8 up from 1.4 the week prior. We are once again starting to see we're feeling this stagnation in the market and the direct correlation is interest rates, interest rates and yeah, interest rates.
1:58 Rates according to mortgage news daily.com. You can see the daily averages. For interest rates, fixed 30-year fixed conventional is this blue line, jump alone is the yellow line and FHA is the green line.
2:13 Most of you are going to fall into these two categories blue line and the green line. You will notice that.
2:16 It. Conventional mortgage rates have gone up once again into the low fives somewhere around 7.2 average. FHA however is a little bit lower, it's still down in the sixes and so that's a little bit helpful there.
2:31 92% of people that have mortgages in the United States right now have 6% or less, 82% of them have a 5% or less and 62% that's over half of you out there have a 4% or less and a corner of you have a mortgage rate of 3% or less.
2:44 Whoo! You did good securing that interest rate. But as a result of that, all of these homeowners are really reluctant to put their house for sale.
2:51 That's why inventory is still half or less of what it was here in the valley the year prior. Interest rates are keeping sellers in their homes.
3:00 They don't want to give up these 3%, 4%, 5%, 6% rates for a 7.2% interest rate. As a result, stagnation has definitely started to set it on our market.
3:11 And also it's really crippling buyers because that 7.2% interest rate affects their buying power and as a result of that, they can't necessarily afford these listings.