Remember a few months ago when both Biden and the Padres were flailing and I said that the last half of the year would be so full of distractions that we’d be lucky to see 100 sales per month?
How ya feeling now?
Last month was spectacular and it looks like this month’s sales will beat the 154 from last September! There were 46 sales closed in the last week of September, 2023, and currently there are 60 pendings that went into escrow prior to 9/1/2024 so another 46 sales this month looks very doable.
The 123 sales above are today’s count.
Add 46 to it and we could reach 169 sales – and the pricing metrics are strong too!
A lot depends on how fast and how much the rate sheets adjust to the 50bps FedFunds rate drop and strongly hinted additional 50bps soon.
On Fed Day (last Wednesday), the 30-year conforming rate was 6.15%.
Today it is 6.21%.
It’s just like the price of gasoline at the gas stations – quick to go up, and sloowwww to come down.
https://www.cnbc.com/2024/09/26/the-fed-slashed-interest-rates-last-week-but-treasury-yields-are-rising-whats-going-on-.html