diff --git a/esphome/docker-compose.yml b/esphome/docker-compose.yml
index be830fec22..ed91c7b3a9 100644
--- a/esphome/docker-compose.yml
+++ b/esphome/docker-compose.yml
@@ -2,7 +2,7 @@ version: "3.7"
 
 services:
   server:
-    image: esphome/esphome:2024.7.2@sha256:e6e98daf807a3cdf33914d725cde3d87ef4a935cdc334bed1f7a266fc12df52b
+    image: esphome/esphome:2024.7.3@sha256:4e7488fa18b6896dd5075bca3547b2137fa8aed3bc60f9467bddf09cd67a0741
     network_mode: host
     volumes:
       - ${APP_DATA_DIR}/data:/config
diff --git a/esphome/umbrel-app.yml b/esphome/umbrel-app.yml
index 1e7fd7d87a..5571104d3a 100644
--- a/esphome/umbrel-app.yml
+++ b/esphome/umbrel-app.yml
@@ -2,7 +2,7 @@ manifestVersion: 1
 id: esphome
 category: automation
 name: ESPHome
-version: "2024.7.2"
+version: "2024.7.3"
 tagline: Intelligently manage all your ESP8266/ESP32 devices
 description: >-
   ESPHome is a system to control your ESP8266/ESP32 by simple yet powerful configuration files and control them remotely through Home Automation systems.
@@ -27,10 +27,11 @@ releaseNotes: >-
   ⚠️ As usual, please check that your configurations are still working correctly after updating.
 
 
-  This is a bugfix release that includes the following changes:
-    - Timeout Adjustment: Default timeout set to 4.5 seconds.
-    - Redirect Fix: Improved HTTP redirect handling.
-  
+  This release includes the following improvements:
+    - Added delay after sending REG_READ_START for pmwcs3
+    - Fixed support for Mitsubishi units that only support cooling
+    - Improved VAD detection and modified detection computation for micro_wake_word
+
 
   Full release notes can be found at https://github.com/esphome/esphome/releases.
 submitter: ShonP40