It’s my birthday! And sellers are paying closing costs!

Nearly half of all home sales right now include a seller concession. In May it hit 46.2%, the highest number ever recorded for that month, and nationally it was 44.4% in Q1.

The variation by market is significant. Los Angeles sat at 56.1%, San Diego at 59.2%, while San Jose was just 16.7% and San Francisco among the lowest in the country.

Here in Kern County, with inventory up and homes taking longer to sell than a year ago, I estimate 40-50% of resale transactions include some form of concession right now. For FHA, VA, and first time buyers, that number is likely well over half.

For agents and buyers, this is a shift worth understanding. Instead of negotiating on price alone, sellers covering closing costs or buying down a rate can save a buyer thousands up front, and it can be the difference that gets a deal to the finish line.

On the broader economy, June job growth came in soft at 57,000 versus a forecast of 110,000, while home prices continued their steady climb per both Case-Shiller and FHFA data.

Happy to walk through what this means for your specific transaction or client.

Noise is when smart people make moves.