Solano Real Estate Scene: Jim Porter
Article By: Jim Porter – May 2, 2025
Existing-home sales slipped 5.9% in March to a seasonally adjusted annual rate of 4.02 million.
Sales slowed 2.4% from one year ago.
The median existing-home sales price climbed 2.7% from March 2024 to $403,700, an all-time high for the month of March and the 21st consecutive month of year-over-year price increases.
The inventory of unsold existing homes jumped 8.1% from the previous month to 1.33 million at the end of March, or the equivalent of 4.0 months’ supply at the current monthly sales pace. This is according to the National Association of Realtors.
Here in Solano County, according to Ashley Ramos at Stumbaugh Realty Advisors, there are 781 homes for sale which are still too low but much better than the inventory level this time last year.
The first-time homebuyers are sick and tired of waiting around or at least this is how it feels these past 30 days with loan volume at my office, and local mortgage broker Tom McGuire just confirmed the same thing over at his office when he said, “we are slammed.” This is a phrase we in the mortgage business haven’t used in awhile and something our spouses and dependents have wanted to hear for 2.5 years.
The number of NMLS licensed loan officers nationwide is now 50% of what it was three years ago, which might sound good for less competition, but the mortgage business has been really bad the past three years.
We need people to slow down and get off their phones and rather than just look at houses online, get with a local loan officer and Realtor, figure out what they can afford and go look at some houses physically and not just virtually. Now for the random notes about slowing down and smelling the coffee.
A few months ago, I saw my neighbor and local real estate lawyer Tim Jones jogging, which I thought was unusual because over the years I have known him as a serious bicyclist. I asked him about it, and he said he was tired of getting run over. Since he told me this, coincidentally, two other people I know that wear those funny pants and helmets told me similar stories of being injured riding in the bike lanes of Solano and Yolo.
Another example of life in the fast lane today is the 10-mile Interstate 80 construction zone. For the past 18 months, 55 mph has been the law, and fines are supposed to be doubled, but holy cow, drive 65 and you get run over by big rigs.
Birth rates in Japan and the USA are at all-time lows and this is partly because of Netflix, video games and housing affordability. Slow down, stop texting and driving, have some kids, buy a house and have a barbecue party in your yard.
Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
