Baby Boomers and Gen X Are Moving to Very Different Markets

today, I guess. You're clicking on the wrong one. No. Good morning, everybody. I'm Ed Barko here with Mike Kelly, Real Estate Jerky Daily. Mike's having some issues this morning. I'm not. CAR is, California Association of Realtors. It's always the old people tell everybody else it's always their problem. It is. It's Trump's fault. I mean, he didn't get the the memo out to them to update to the week of ending the What is today? Today is the 15th. Today's the 14th. 14th. Well, the August 8th would be This is Friday, right? Last time I went to school, it was Friday. Why is it the 14th? Cuz that's what the day is today. Well, if they say report for week ending August 8th, that would be a Friday. That would be a Saturday.

Why do they do Oh, I don't get this. I'm so cornfused. Your your mic's not working or something. You're all over the place. I'm I'm right here, but it doesn't sound as good as it did yesterday. And you said it was my voice the other day, but I think it's the microphone. Yeah, okay. Just making sure you're coming through the right place. You are. George, are you messing around over there? He's he's uh giving me some uh cuddles, some rubs and loves. Hey buddy, you're going to get you're going to get tangled up. All right, well let's get moving. So what you got today? Nothing? This won't won't open. It is last week's. It's uh week ending August 8th, which I guess was Saturday. Uh 425 closed You sound really bad.

I know. It sounds weird. You're not coming through your mic or something. I'm I'm I'm not even George, what the heck are you doing? He made it. He didn't grab any cords. 425 closed sales per day. I think I said this on Wednesday too cuz it's the same report. 495 pending sales per day. Uh closed sales are down 27%. Pending sales are down 12. 5% and listings are down 6% from the week previously. I just turned turned you down in my head. That's good. And 634 and we're still we've changed not at all from the previous week. Um 27 days on the market is average, but 40. 2% of listings are being reduced to be able to get sold. Sellers, agents, agents, don't be so anxious to get a listing that you overprice it.

And sellers, listen to your agents. Okay, what Hey, what's our local numbers? Mm I can't tell you. Yeah, you can. I can, but I'm not going to. Yeah, you can. I'll do it right now. You you talk about some stuff. What are we What are you normally talk about on Friday? All right, so while we Dow is uh down uh 91 91 points today. The 10-year is up four basis points to 4. 68. Rates are worse by nine basis points this morning. Got to love the war, I tell you. Yeah, I'm so tired of hearing Oh, we we they auto pinned they auto pinned their agreement to us last night, right? And I have no idea what you're talking about. Oh, I guess there's another ceasefire coming up and and all this stuff in general.

Never heard anything like that. All I've been hearing is how I feel sorry for the sailors on that aircraft carrier has been out there for 9 months. Yeah, they're getting a little uh long That's the longest in history. Is it really? Yeah, that's yeah. Uh what else we got? So the um crude is sitting about $81 a barrel. That thing's been all over the place. Retail sales came in today. Uh they came in at -6/10 for July versus a +1/10 expected. The steepest monthly drop since May of 2025. Wow. Yeah, people aren't buying. Uh the Michigan sentiment for August came in at 51 versus 54. 5 expected, down from 55. 2. So uh the consumer is not happy. No. And if you want to know local numbers, you get 755 active listings.

So we've gone up from 747 to 755 active listings. 379 pending sales for for, you know, however long it's been. And then I think Wednesday we were at 71 um closings and we're at 90 today. So it seems like just as many that uh closed went pending. Kind of cool. Got you. I don't know if I started this over here. Yeah, there we go. Go live now. Uh so next week we have it's jobs week. Tuesday, ADP weekly employment, housing starts and permits, pending home sales, mortgage applications, 20-year auction, Fed minutes on Wednesday, and Thursday's jobless claims. So it's not really jobs week. It's only ADP week. And then housing starts and pending. But it's not jobless week. No, there are people who are jobless.

But they just opened a freaking Apple place in um manufacturing in Texas. Oh yeah? Yeah, they're going to be making all those Mac minis there. I've been waiting to buy a Mac mini for my studio so that I could uh do my create a a server for all my AI stuff. I haven't heard about the Mac mini. It's what everybody's been buying cuz it's a little thing and it's you can it's pretty powerful and people are using it as a as a server. And the Mac is a lot better for creative stuff? I take it? Um you can get another computer. It's just it's just they're It's all expensive, so it doesn't really matter. Their new M5 chip I just like. So cuz they have a M4 mini that everybody was grabbing and I'm like, I'm not going to spend that amount of money.

And then next in September have a brand new higher like I did with my Mac. Faster faster, better, longer. Yeah, I waited until the Mac came out with the five and I got that. So All right, um Amazon said that Prime Day sales were a bit of a disappointment. Oh. Bummer. When was Prime Day? Well, it was in the past. Uh but pointing to consumers that could be giving some signs of tapping out. I think it's all purchases have been on programs like buy now, pay later. Remember we talked about that before? People are buying groceries on that long That was like almost 2 years ago and it's worse now. Right. Oh, that's wonderful. Yeah, so that's where I think a lot of this issue is with the gas prices. You know, everything's up.

I mean, everything's expensive. You look at meat. If you go even at Costco, you look at it. Give me four steaks. That's 120, you know, some ridiculous amount of money. Yeah, it used to be a lot less. But, you know Everybody's like, go get your own cow. But then I I don't have the I don't want all that meat. I only want the steaks. Where am I going to keep it? I guess you could sell off the rest. I know you can't. Nobody's going to want that junk. Everybody wants the same stuff. Oh, someone's going to want some tri tip. Well, yeah, but what's I'll take the tri tip, but there's going to be how many tri tips? Two? One? One cow? Yeah. Yeah. So I'd rather just buy the tri tip and the steaks. Tri tip and steaks.

Um yeah, you know, a well-cooked tri tip is very delicious. I smoke it for about 5 hours. Yeah, and then we we Irish folk, we turned other junk meat into corn beef and made that delicious. It's still not good. I love it. It's still not good and I don't care what you say. I love it. That's cuz you're drunk. Yeah, well not never enough, but I do love it. Grandma made the best um Well, that's just cuz you got you're used to it and you ate it as a kid. Yeah, with the cabbage. Oh, corn beef and cabbage. That's why I can't drink uh any bourbon or whiskey or Scotch. My parents used it in hot toddies and I Oh, no brown? Huh? Yeah, so just I can't I taste I think of that every time I taste it. Oh, really?

Yeah, I just like I can't get past it. Well, that's I get it. I get it. It's like me and Spam. My mom loved Spam. She would open a can of Spam and I would instantly get a headache. I couldn't I can't even I can't even stand looking at that stuff cuz if it's got that goo all over it, that can't be good. That gelatinous stuff. That can't be good. Oh, I think I want to throw that down my gullet. Yeah, I understand why they had it because of the war, but that's okay. The war's over. Made it into a delicacy. I mean, my kids, you know, this Hawaiian thing, man, they fry that stuff, put it on wrap it in No, thank you. And it doesn't even help when you throw a pineapple on it. Nothing helps. Oh, there was an article I saw where people were moving.

Where to? Where were uh Let's see. Where did it go? Uh it's over here. We'll find it over here. Hopefully. They were talking about boomers and Gen X's where everybody was moving to. Where are they going? I'm going to get there. I'm going to So Michigan? Is is it Michigan cuz politics so good over there? Yeah, housing wire data analyzed 10 metro areas for baby boomers and Gen X's inbound movers using price, sales and supply metrics. Wilmington, North Carolina, prices fell 9. 3% year-over-year. Myrtle Beach, South Carolina, rose 3. 6% and the marketing conditions range from 2. 1 to 4. 3 months of inventory. Older Americans continue to account for the lion's share of home buyers and sellers. Yeah, shocking.

There were just so many of them. Yeah. Um in June, baby boomers represented 42% of all buyers and 55% of all sellers. That tells you not each one of them were selling and buying at the same time. While generation X represented 25% of buyers and 23% of sellers. So Gen X, that's the years between 1965 and 1980? Gen X? Yeah. I don't know. Is it? I just looked it up. Okay, I'm glad you looked it up. Oh, I was curious. I wasn't by curious. I was just curious. TMI. Yeah, no kidding. Tell me more information. Nope, you don't get any. Nothing to share. Uh that's why I can't get that article cuz I'm not signed in. Oh, they make you they make you subscribe to get the article. I'm already Yeah, but I am a subscriber.

A subscriber. Good morning, Bill Phillips. Good to see you again. You saw him? I don't really see him. I just saw his name. Say that's really good. Anyway, um I'll get more I actually That's why I didn't put it in there. Why? Cuz I didn't I didn't have all the information. Oh. You're going to give partial information? You're just going to Yeah. Well, what what was the information about? I just had logged back in. I was wanting to see where people are moving to so and it's not Well, I'll do this for Monday. What was the place in in Georgia? I never said Georgia. Didn't you? No. You sure? South Carolina and North Carolina, Wilmington, North Carolina and something South Carolina. Was it Myrtle Beach?

And Myrtle Beach? No. Never said the word Myrtle. Where the heck you been? Wow. I was right here, but I I guess I was listening to You know, I I do travel in time sometimes. I bet you talk about it on Tuesday. Somebody else. There was a Gainesville, Florida, but I didn't talk about that. No. Yeah. Yeah, so everybody's moving to Florida, South Carolina and, you know, and people are still moving to Florida and Texas even though there's issues. You know, because of the And what are those issues? Issues is they uh have a lot of inventory and um people are having trouble selling. And taxes are high in Texas. 3% is your property taxes and that thing will go up 10% a year. And so like every 10 years you double your taxes.

Yeah, I would imagine the If the If the properties are growing up in value and as long as people keep buying them. California's keep going out there, they're going to keep going up. And I bet the Californians that went out there, what was it? 3, 4 years ago are now going, oh my taxes are killing me. I got to go back to California. You can't come back. You know what's killing them is I looked at Dallas's weather. It's going to be 102 while I'm there and I'm sure 80 to 90% humidity. Humidity, yeah. Why do you even put up with that? You just look like a dish rag walking around with tennis shoes. I mean, it's like you see these people outside, oh my and they're sweating. I mean, it's bad enough here at 102.

I could only imagine with that humidity. It's got to feel like 120. What was the movie with um Deliverance? Something Heard Something Heard, John Heard and Kathleen Turner. You didn't You didn't like my statement. No, I didn't. I did. And, you know, they showed him out running in the in the afternoon and there was an orange tent the whole film because it was so so hot and humid and nasty. And he gets done with a lap and he lights up a cigarette. I'm going, oh my god, with all that humidity and now you're going to smoke after a lap? Yeah, but that's what they did back then. That's what they did back then. I guess there was a uh Japanese fellow that uh ran a marathon and he smoked the entire time.

So the top boomers metros is Wilmington, Wilmington, North Carolina, Charleston, South Carolina, Asheville, North Carolina, Myrtle Beach, South Carolina, Nashville, Tennessee. Gen X's is Charleston, Wilmington, New York City, Miami and uh Raleigh. New York City? New York City. Is that where they make Pace Picante sauce? Uh see I did hear Myrtle Beach in there somewhere. It's just not in Georgia. No, it's not. South Carolina. Yeah. Yeah. Could have been. So sorry it took us so long to find everything, but I had I put it in here. It just What are you going to do? It's got to be Friday. Right next door. I'm done. I'm done today. Have a great weekend. You too. Have a fantastic weekend. I will. I was talking to everybody else.

Yeah, I know. Bill Phillips, you have a wonderful weekend. Everybody else have a great weekend. Thanks for stopping by. If you need to listen to us again, we're here tomorrow on the radio. We are. At 1360 a. m. You can listen to it on I Heart App and anywhere you find your favorite podcasts on Monday. All right, make it a great day and we'll talk to you tomorrow. Peace out, brothers and sisters. Bye. Remember, no more war.