Home Values Stay Resilient Even With Higher Mortgage Rates

Good morning everybody. I'm Ed Parco with Mike Kelly, Real Estate Jerky Daily. All of a sudden you got a little slow there. I don't know what's going on. No, it's just my nature. You are a little slow on this side. I know. Well, I guess. I don't have a screen open in front of me. No, I don't know what it is. Hm. Well, I'll fix it for tomorrow. I can only fix one thing at a time. I got at least I got you non-pixelated. work through it. Yeah. Did you work all weekend? I got you non-pixelated. That's all that matters. Um. Somebody was like, I started watching you guys, but and he's so he needs a new camera. I got How's this, guys? Can you actually hear me? I can't hear me. I can't hear you either.

Turn it up. How about now? I don't know. Oh, look. There he is. Yeah. Yeah, mic's not on under your mouth, but uh what are you going to do? It is under my mouth. It's right in front of my mouth. Look at it. It's Look, there's the mouth. Look. Look. Yeah, it's a different angle. It's a different angle. Angle it up straight on. All right, what do you got today? I'll let you go first so I can get you to be quiet. I got a lot, so we're going to talk here for hours. This is just from the September 1st, and today's the 8th, so it's a full 7 days cuz I don't think anybody's in their office yet. No, I know some people are. 802 active listings. Woohoo. That's more than we had before. We were at 787 by at the end of the week uh last week.

376 pending. We're like four under what we were last uh week. And 42 closings. What do we have like 16 on Friday, our last day here before the holiday. Um that's not bad. Not bad, not great, but not bad. So. It's just the greatest. Yeah. You sound like Trump there. It's not the worst, it's not the best. I'm trying to get that exactly right because you you crackle and I turn down and then I can't hear you and then you talk and then you talk too low and then you crackle. I don't talk any different and every time it's the same volume. Maybe if the mic was straight on with your mouth instead of at the angle. No, it's just this part right here. This part right here. There you go. I know. Yeah. Do do do do do do do.

Look at that. Oh, yeah, that makes a whole big difference. There we go. It Totally different. It's a dynamic mic. It adjusted the light. It's a dynamic mic. That means you got to talk into it. Make love to it like your wife. All right, take the time. All right, here we go. What do we have? We have a war still going on. They're they're deciding to play battleship with the tankers. You got to talk into it. Oh. Yeah. I hit your I sunk your tanker. Now I'm going to sink your tanker kind of thing. Or I'm trying to hit your tanker, but I sunk yours. Yeah, I sunk mine. That's what they should do is sink their own. I'll show you. Oil's up about $93 a barrel because of all the stuff going on over there.

I was kind of wondering what was going on during this um 3-day weekend. You know, what am I missing? Well, it's not Labor Day. I mean, it was Labor Day. There was no labor going on. No. None of that. Oh man, diesel, talk about expensive. Oh, both both the guys are hauling their trailers with diesels. You know, F250s and an F350 and they're like, oh my god, I can't believe the price of diesel. Yeah, you're pixelated again. What is going on over there? I don't know. We'll work with it later. All right, I can't fix. Anyway, we'll worry about it later. All right, uh let's see. So that's not a good thing. But what's what else we have going on? We have uh we have the NFIB Small Business Optimism Index, National Federation of Interplanetary Businesses.

Aliens? That's a mouthful. I'm kidding. I added that. That was almost like Star Trek there. So that optimism index decreased by 1. 1 points to 98. 7 in August, which was below expectations of 99. 3. I guess if it's 100%, you're you're too good. So I guess the small business is thinking things are going to get better out there. Yeah. Well, they must be getting a little bit better, right? Well, they're thinking that. Okay, good. I'm glad they're thinking that. We got CPI coming out this week, Consumer Price Index on when is that coming out? CPI is can't protect individuals. Yeah, consumer prices on Friday. Producer Price Index is on Thursday. That's again what producers add to the cost of the goods and then you have consumer that's paying the full price of the goods.

So that's a forecast. We'll see what what comes in. Everybody's like, I think it's going to come in at this. I think it's going to come in at that. I have no idea till it comes in on Friday. That's all I'm going to leave at. Yeah. Coeur d'Alene Home Price Index used to be CoreLogic. Home values despite having a higher interest rate environment have actually been resilient going on. Coeur d'Alene released their July Home Price Index report which showed that home values remain stable during the month. Year over year nationwide home prices average rose 1. 3 to 1. 4%. Oh. Yeah, so we're actually moving up to the east side. Like the like the Jeffersons? I'm going to see about putting the Wi-Fi on on over there for you.

See if that will help. Uh-oh, that might be better. I don't know. It seems like all of a sudden just Am I pixelated again? I can see it on my side a little bit. Um. It looks fine over here. And you look good over there. Yeah, well, I always look good. Yeah, well, you look like Ed. Yeah, I always look like me. Uh so Wednesday we have mortgage applications, 10-year auction, jobless claims on Thursday, Producer Price Index and existing home sales. And then Friday is Consumer Price Index. One thing I didn't get to is the inventory for the for last week nationwide. Nationwide. What do you think it did? I think it went up 2,107. Close. You would have been a winner on the prices right. It did go up but 3909, 3,909.

Oh, so I stayed under. Yeah, that's right. That's why you would have went up. 1 1 1. And then the median existing home price right now is at 434,100. I don't have days on the market cuz I don't want to pay HomeWire $80 a month to get days on the market for there. That's I much rather have it free. $80. Yeah. Well, and it it's almost been mirroring or California's been mirroring the national days on the market average. So Oh, here it is. I just found it. It's a little bit for lower. So median list price is 439,900. They just moved it down on me. So it's down about 100 bucks. Oh. Okay. Uh days on market, 70 days on the market. Oh, increasing a little bit. Yeah. No, it's flat. Same as last week.

Was last week in the 70s? I thought it was still 60 something. Yeah, we No, we're It would say here it would say a positive up or down. Ah, got you. Uh price cuts. What do you think happened there? It's probably at 43. 4% now. No, it only went up 0. 04%. So four not even, you know, 4/10 of 1%. Oh. So where are we? 42. 14. Oh. I think we were 42. 1 last week. Yeah, we were. So that's not that's slowing. The question is are people just not listing? Is that how that's not how that's slowing? Yeah. Yeah. I met with a lady up in uh Groveland and she said, I think I want to wait till November. And I got a text while I was camping saying, I've decided let's just get it on the market now. I was like, November, especially where the house is.

Yeah, let's mess with Stow. Everybody's going to love it. I mean, unless the deck's bad. No, the deck the deck actually looks rebuilt. It looks pretty good. And they said, well, the one good thing about selling in the snow season is you don't have to repair a deck cuz you can't see it. Yeah, well, you got to be careful. Yeah, I know you do. I'm not saying about not telling, but you just have to be careful cuz the extra snow on there will definitely take out a a bad deck. You know, it's fun to drive around there and see how many decks collapse each each snow season. I've been waiting for mine, but the problem is they added on a section that's all somewhat brand new compared to the other part of it.

So it's going to last a little bit longer? Yeah, well, I'm going to go through and go, you know, up replace certain posts and certain boards and then stain and paint it again and be done with it. Are you one of those unusual people with flashing in between the siding and the deck? No. No, because I keep it the same. Why would I want to be different than everybody else out there? Yeah, there you go. Okay. Well, that's like I tell you one thing we were having the mice problem. So there was a mice problem up there and Yeah, always is. Well, no, it was worse. We never had a mouse problem up there until this last year and it was deer mice. And it was really a summer that goes really bad and then I had pest come people come out and put stuff for bait and everything else.

It's been a lot less. Right. Uh but now I forget what I was going to talk about with that. Well, the mice the mice problem. Yeah, that that was it, but that wasn't part that wasn't the whole thing. I was trying to remember what it was. Anyway, we'll move on. Okay. Yeah, so I When you remember, just give everybody a call. I'll talk to everybody tomorrow about it. I'll remember it later on in the day while I'm working doing something else. Give everyone of us a call. Yep, it'll pop in your head. Boom. Yeah. Um that's about it. I mean, there's not there's not a lot of news today. Well, you know, there's this I mean, there is a lot of news, but not a lot of news that we want to talk about. You got two whole days left for the FJA, FJA45.

What was it? FJA45, the Toyota Land Cruiser 1975. I think it's Tuesday. Oh. That Modesto Sunrise Rotary is sweepstaking off. The draw is September 17th. The last time to buy a ticket When's when's the draw? When's the draw? is tomorrow probably at midnight. Oh, really? I would imagine, you know. Midnight where? Uh depends on where you are. Midnight everywhere. Can you adjust your your computer and have your to where it thinks you're somewhere else? Oh, yeah, you could. You could say you're in Bolivia. No, that's that'd be over. That'd be past. You say Hawaii. Yeah, Hawaii. Oh, let's go the other way. Australia? Is Australia a day ahead of us too? Well, just a Yes. Well, that Yeah, they're like 18 That's the wrong way.

You have to go the opposite way like towards Hawaii. All right. Yeah. Oh, what about Pago Pago? I have no idea what that is. That's 5 hours southeast of Hawaii. Southeast? Or west. Which is it? It'd be southwest. Then that's Yeah, then that's Yeah, that's or even earlier. You know, you could get winning lottery tickets over there. Yeah, cuz you know what the numbers are. Yep, all right. No, it doesn't work that way. No, it doesn't. All right, we're going to go. Why doesn't it? Okay, thank god it doesn't. All right, kids, have the best day ever. You know it is Tuesday. Is it Tuesday? It will feel like Monday. Well, you have a lot of people watching today. They must be thinking, we got to see if Mike's going to mess up.

He does all the time. I had somebody from the radio reach out and say, thanks for talking about Did I tell you this? Thanks for talking about O'Brien's closing. We had no idea. Oh, seriously? Yeah, I'm Like where where have you been? Another non-subscriber to the Modesto Bee. There is a Bee still? Well, no, that not really. They have a little bit of an online presence. Or do you got five pages? No. They don't even You know, the only place I would read the Bee after I let them go because I got tired of them throwing it on the roof. Um. That's a kid problem, not your problem. Oh, I know, but it's just like, hey, can you I can't Actually, I didn't get a Bee that day. I got I get up every morning at, you know, 5:00, have my coffee, got to read my Bee.

The Bee's there usually by 6:30. Nothing. I see the guy drive by. It was an adult, no paper. So I call him at 6:59 and he says, well, you know, he has till 7:00. And I said, well, let's just talk for a minute and then I can say it's still not here. I finally got the Bee at 12:30 and I called and canceled. Yeah, well, why do you want yesterday's news? Today. Anyway. Anyway, make it a great day. I stopped getting the paper cuz the whole thing about that is I realized that I would step over it because there's nothing I can change in there, but everything in there can change me. Oh, that's profound. Yes, it is. Oh, wait a minute. All right, make it a great day. We'll be back tomorrow. Hopefully we'll have some better news.

Sydney, thanks for watching. Have a great day. All right, bye. Bye.