 So we just got an incredible report from NAR. They're monthly existing home sales data. This was absolutely off the charts, guys. Absolutely. I want to share that with you as also with mortgage rates, what's been happening since those few banks went down, the surge in mortgage applications. We're going to get that data tomorrow. So that's going to be incredibly interesting. And also the conflicting articles and headlines that we have out there right now concerning the housing market. So let's dive right in here to the NAR existing home sales data. Look at this. We've basically got existing home sales in year-long plunge, capping at a record, capping a record decline. So we had a record decline of transactions coming down on a percentage basis. But guess what? February, existing home sales surged 14.5% in February, reversing the year-long trend of following transactions from month to month, according to the data Tuesday. So this was a year-long deal. This is the first time in a year that existing home sales has increased month over month. This is really big. And it's crazy because the amount of negative publicity that housing is getting right now, along with there's videos of guys out there saying, you know, prices are going to go down another 40%. It's like, what are you guys looking at? It's insane. Sales jumped 14.5% between January and February. That brought it to a seasonal adjusted annual rate of 4.58. So 4.58 million sales. So almost 4.6 million sales. And this is only an annualized rate. This is what they project based on the pace of sales that are happening right now in 2023 that we're on track to do 4.58 million sales. Crazy. And in a year where Fannie Mae projected we would do 3.9 million sales last year. And again, all the bears talking about all the doom and gloom. It's just insanity what's happening out there. What I want you guys to do is absolutely understand that this is one of the best markets right now. This is one of the best markets that we have seen in a long time. It's as balanced as we can get with inventory levels at this low of a level. It's insanity, honestly. Now, if we dig deeper into this report right here, he talks about total housing inventory. Chartered for the end of February was at 980,000 transactions. Now, that is accounting for the also pending deal. So we're much lower than that in terms of active inventory. The same amount registered for the end of January. So it didn't change at all. This is 2.6 months of inventory at the current sell rate. The historically low inventory is resulting from the return of bidding wars in some markets, not just some markets, like a lot of markets. Everywhere that I go and speak, the first thing I ask the audience is, how many of you guys are getting multiple offers? And everybody raises their hand. Everybody says yes. Nobody says no. And they're like, there's nothing for sale. And I mean, every city I go to, it's like that. Inventory levels are still at historic lows. We're not even half of the inventory that we were pre-pandemic. Coincidentally, multiple offers are returning on a good number of properties. And if you look at the last units here, existing home sales rebounded in all four US regions. So this isn't like some markets. Now, it is local. And I looked at a bunch of different markets. And yes, like Austin, Texas, they're still down price-wise. I'm going to show you some data in just a second. They're still down price-wise. So there's some mix. There's a couple of markets that, yes, they're still kind of leveling out. But for the most part, sales are rebounding and prices are rebounding. So that's what's very interesting. If we take a look at mortgage rates. So mortgage rates are at 6.75 right now. So here's what's interesting about mortgage rates and mortgage applications and stuff. Two weeks ago, we saw a week-over-week increase of 6.4%. The next week, it was 7.5%. This was the week that the banks failed. So after the banks failed, rates came down. Rates got all the way down to 6.55. And let me tell you something. Tomorrow, they're coming out. They'll show us the mortgage application data for last week. And I'm excited. I'm going to be waiting for that data to come through. Because I guarantee you, we're going to see a massive surge. So what's interesting is we saw a 14.5% increase in existing home sales from January to February. And what I'm going to do, what's going to be really, really interesting is that I think we're going to see the same jump from February to March, maybe even bigger. So we'll just see. We'll see how that goes. But let me share with you this really quickly. I mean, this article here, now this is a very interesting headline. Because it says, home prices fell in February for the first time in 11 years. And they did. And what they're talking about is year-over-year prices. They're talking about, from this point last year, prices are down. And NAR said it in their report, down 0.2%, or 0.02%, something like that. It wasn't even a full percent that it's down year-over-year. Now that, I believe, is going to get a little bit worse, even if prices increase from here, because prices were so high last year. But look at this article. It says, home prices fell in February for the first time in 11 years. And then the little tagline there, the little subtitle says US sales of existing homes jumped 14.5% from prior month, but well down from the year earlier. So it's crazy, because the headline literally says, prices fell for the first time in February in 11 years. Meanwhile, existing home sales jumped 14.5%. So we're going to see a lot of contradictory headlines like this. So I want you guys to be prepared with your clients. And this is why I want to do this video, is to be prepared with your clients when they come to you if they're confused, because they're going to be confused. I want you to be prepared with the data. I want you to pull up data from your local market and have that data ready. Know that data like the back of your hand, and be able to help them understand what's happening in the market. Now this is median home prices in the US. As you can see, the bottom right here was last month, and it bottomed out at that 3.45 range. And now we're at 3.53. So as a country, the median home prices are up about 2%. A little more than 2%. That's month over month. That's what's extremely interesting. If you look at home Seoul, look at this. Look at this. It went down, and it went down along with every other year. Every other year goes down as well, the same rate. And now it popped up, and guess what? It's actually gaining steam. It's actually, it's like curving up towards 2022, right? Like what are the, what are the bears looking at where prices are going to go down another 40% and there's just no demand? The demand is falling through the floor. It's quite interesting to see. Look at pending home sales. It started out the same as every year, and look at it. It's just up, up, and up. I mean, let's look at, let's just pick a random market. Let's just say, you know, what is this? Atulis, Altus, Altus, Altus, Altus, Oklahoma. This is pending sales. It's on the upswing. This is just a random market that I picked. What is this? This is some weird-looking data. Let me expand this a little bit and see if it levels out. No? Oh, you know what it is about that? That's such a small market. It can't really register. So let me just pull up. I don't know. I'm just going to do a random, we'll say, Charlotte. Let's do Charleston, South Carolina. OK, boom, look, home sold. It's basically the same trend. Pending deals, swinging up. Let's look at median sales price. They never went negative. They never went negative. And they're bottoming out. So every market's going to be a little different when it comes to this. So I want you to go to Redfin. I want you to look at your specific county, your market. I want you to click on all these links and know your market from the Redfin data. They don't want to go to your MLS and analyze and create your own data from there. And really understand it like the back of your hand, like prices to last year, prices month over month, number of sales, pendings, inventory, so on and so forth. So you can really speak to your clients the way that professional needs to speak to your clients. So I want you to be prepared for this. A lot of people are confused with the market. What's going on? It's scary. Look at all the headlines. But look at the actual data. And it paints a completely different picture of existing home sales continuing to increase, prices starting to and continuing to increase, pending sales increasing, bidding wars coming back, inventory, all right? Let's go to inventory really quickly and see where we are inventory wise. And then we'll jump right over to the live calls. Let's see, homes for sale, active listings. Here we go. Okay, if you look at, if you look at this, 2023, let me make it bigger for you. Let me widen that out so you can see a little better. Let's see. Okay, there we go. You can't even see 2023 because it's exactly, exactly in line with 2021. Now, you guys remember 2021, right? 2021 was the year of the boom, is the year of the multiple offers and crazy stuff happening. We are literally exactly where we were in 2021 as a country, okay? You gotta break it down to your local market, of course. But look at this. You can barely see these lines. Even like right here, it goes, it dips a little and then comes back up. It does the same thing. Now it's dippin' a little just like it did in 2021 and I guarantee you it's gonna start doing this number and gradually coming up little by little just like it did in 2021. So anyway, I wanted to share this market update with you. I hope it helps you find clarity in the market. I hope it helps you prepare for what you need to do and your research to help your clients understand what's going on and that's it for today. Let me know if there's anything else I can do for you. Leave me a comment and let me know what you think about the real estate market. Subscribe to the channel if you haven't already. Click the like button, all that good stuff. See you guys on the next video. Keep sellin'. Thank you so much for watching this podcast. I hope you got tons of value out of it. I'm gonna put the next episode right here so you can continue watching and continue crushing. Keep selling and keep building and we'll see you guys on the next video. Which is right here. I 35 with the top down, could you tell a hater they should get like me like me?