MEADOWS CENTER IN ROSEVILLE. MIKE ALL RIGHT. SO AS THE SUMMER DAYS HEAT UP, THE HOUSING MARKET IS ACTUALLY COOLING OFF, AT LEAST BY SOME METRICS. AND JOINING US RIGHT NOW WITH A LOOK AT HOW OUR REGION IS FARING THIS MONTH IS LUIS SUMPTER FROM THE SACRAMENTO ASSOCIATION OF REALTORS. THANK YOU SO MUCH FOR YOUR TIME TODAY. SO THE NUMBER OF HOME SALES, THEY FELL IN JUNE BY 10% COMPARED TO MAY, IS THAT TYPICAL? IT IS TYPICAL FOR THIS TIME OF YEAR AS WE START TO GET INTO SUMMER. THAT’S OFTEN WHEN WE WILL SEE A LITTLE BIT OF SLOWING IN THE MARKET WHERE PEOPLE ARE TAKING VACATIONS AND YEAH, YEAH. AS FAR AS THE COST OF HOMES, WHAT FACTORED INTO SOME OF THAT DECLINE THERE? WELL, I THINK PROBABLY THE BIGGEST FACTOR IS THE INTEREST RATE HAD A BUMP AGAIN. AND I THINK THAT, YOU KNOW, I THINK TODAY’S AVERAGE IS ABOUT SIX AND THREE QUARTERS, WHICH IS PROBABLY DOUBLE OVER. IT WAS EVEN A YEAR AGO. YEAH. SO I THINK THAT’S HAVING A HUGE IMPACT. RIGHT. WE WERE JUST KIND OF JOKING ABOUT IT EARLIER, BUT WHEN IN DOUBT, YOU JUST LOOK AT THE INTEREST RATES RIGHT NOW, IT CAN KIND OF HELP DICTATE WHAT THE MARKET’S SEEING OUT THERE. ABSOLUTELY. YEAH. HOMES ALSO, THOUGH, THIS IS A POSITIVE. HOMES ARE ACTUALLY SPENDING LESS TIME ON THE MARKET. WHAT DOES THAT SAY? SEVEN DAYS AVERAGE RIGHT NOW? YEAH, I THINK IT SAYS THAT THE DEMAND IS STILL HIGH, INVENTORY IS LOW. WE’RE STILL SEEING MULTIPLE OFFERS ON PROPERTIES. SO I THINK THAT, YOU KNOW, ALL INDICATORS ARE THAT WE’RE STILL IN A VERY STRONG MARKET. WE NEED MORE INVENTORY. YEAH, A LOT OF FOLKS MIGHT THINK IF THEY NEED TO SELL THEIR HOME THAT THIS MIGHT BE A BAD TIME. BUT YOU ENCOURAGE FOLKS, HEY, IF YOU GOT TO MOVE YOUR HOUSE, GO AHEAD, PUT IT UP ON THE MARKET. SOMETIMES YOU JUST NEVER KNOW WHAT YOU’RE GOING TO SEE ANYWAY. THAT’S RIGHT. PRESENTATION IS EVERYTHING TODAY. I MEAN, THE HOMES THAT LOOK THE BEST ARE GETTING THE MOST OFFERS ON THEM. THERE ARE STILL SOME THAT ARE SITTING ON THE MARKET FOR A LITTLE BIT LONGER THAT PROBABLY COULD HAVE SOME BETTER CURB APPEAL. YEAH. WHAT ARE YOU TELLING FOLKS WHO ARE LOOKING TO PURCHASE A HOME RIGHT NOW IN TERMS OF HOW COMPETITIVE IT MIGHT BE ON THE MARKET? WELL, WHAT I ALWAYS TELL CLIENTS, IF THIS IS THE RIGHT TIME FOR YOU, IT’S THE RIGHT TIME FOR YOU. LET’S GO GET INTO THE THE LOOKING AND I MEAN, IF IT’S THE RIGHT TIME AND YOU WANT TO BE PERSISTENT, WE CAN MAKE IT HAPPEN. ARE YOU SEEING IT AS COMPETITIVE AS WE’VE SEEN IN MAYBE A YEAR AGO WHERE SOME FOLKS ARE GETTING, YOU KNOW, SOMETIMES 20, 30, MAYBE EVEN 40,000 OVER ASKING PRICE? ARE WE STILL SEEING SOMETHING LIKE THAT? ABSOLUTELY, YES. A FRIEND OF MINE THAT’S IN THE BUSINESS TOLD ME THAT ONE OF HER RECENT LISTINGS HAS IT HAD 22 OFFERS ON IT. WOW. YEAH. OKAY. I GUESS IT ALWAYS DEPENDS ON THE TYPE OF HOME WHERE IT’S LOCATED, ALL THOSE TYPES OF THINGS. SO, OKAY. I’M GOING TO ASK YOU TO LOOK INTO YOUR CRYSTAL BALL RIGHT NOW. OKAY? WHEN YOU START SEEING THESE NUMBERS MONTH BY MONTH, WHAT DO YOU SEE? WHAT ARE YOU PREDICTING AS WE HEAD INTO THE INTO AUGUST? WELL, MIKE, I THINK IT’S STILL GOING TO BE A VERY HEALTHY MARKET. AND I THINK THAT YOU JUST HAVE TO GET YOUR DUCKS IN A ROW, BE READY TO TO JUST WRITE AN OFFER WHEN THE RIGHT ONE COMES ALONG FOR YOU. SO I THINK WE’RE STILL GOING TO BE IN A VERY HEALTHY MARKET. AL