Southern California Real Estate Market Update
Signs of Stability Amidst Rate Fluctuations
As we enter the final quarter of 2024, California's housing market faces a slow recovery, though signs of improvement remain. Home sales in September dropped to their lowest point in nine months, falling 3.4% from August, despite mortgage rates temporarily dipping below 6.5%. However, pending sales continue to outpace last year’s levels for the third month in a row, signaling potential sales growth in October. Although mortgage rates have rebounded since early October, which may dampen demand, the overall market remains poised for gradual improvement as we head toward year-end.
The California median home price increased by 2.9% in September year-over-year, marking 15 months of steady growth, though at a slower pace. On a month-to-month basis, prices fell by 2.3%, slightly larger than the seasonal norm, which is giving homebuyers more favorable conditions. Inventory has risen, and home prices are expected to moderate further in the coming months. For buyers who've been waiting on the sidelines, the fourth quarter could present an ideal opportunity, especially with potential rate normalization by the end of 2024.
On a national level, U.S. housing starts dropped 0.5%, with single-family construction staying steady while multifamily development slowed. Despite mortgage rates climbing again in October, retail sales posted a solid gain, showcasing a resilient economy, driven by consumer spending. As the market stabilizes, California homebuyers may find opportunities to enter the market before prices rise further in 2025.
If you have any questions about how these trends could affect your home buying or selling decisions, feel free to reach out!
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700 E Ocean Blvd #1706
Long Beach 90802
2 Bed | 2 Bath | 1080 SF | $940,000
Experience luxury coastal living with breathtaking ocean views from every room in this beautifully remodeled high-rise condo at the iconic International Tower. This light-filled unit features an open floor plan, updated kitchen with sleek cabinets, marble countertops, and stainless steel appliances, and a spacious primary suite with a luxurious soaking tub. Enjoy panoramic vistas from the large wrap-around balcony, plus access to top-notch amenities, including a pool, fitness center, and 24-hour security, all just steps from the beach and vibrant local dining.
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706 E Bixby Rd
Long Beach 90807
3 Bed | 2 Bath | 1417 SF | $1,075,000
Welcome to this beautiful California Heights home, featuring over $250,000 in recent updates that blend modern luxury with timeless charm. The spacious living room invites you in with an abundance of natural light, gleaming oak wood floors, a cozy fireplace, and elegant recessed lighting. The newly updated custom kitchen is a chef’s dream, boasting top-of-the-line Café and Miele appliances. Great open floor plan with formal dining room that opens to the living room and kitchen. Both bathrooms have been beautifully remodeled with quartz countertops, custom white oak vanities, stylish tile work, modern lighting, and the primary bath features a luxurious soaking tub for ultimate relaxation. Located just 1-2 blocks from award-winning Blue-Ribbon schools (Longfellow Elementary & Hughes Middle School), and within walking distance to the vibrant shopping, restaurants, and cafes in Bixby Knolls.
OPEN HOUSE
Saturday (10/26) 12:00 - 3:00
Sunday (10/27) 12:00 - 3:00
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225 W 6th St #515
Long Beach 90802
1 Bed | 1 Bath | 547 SF | $339,000
Charming top-floor end unit condo in the heart of Long Beach, offering privacy and city views. This updated home features an open living area with a private balcony, a stylish kitchen with butcher block countertops, and a bright bedroom with two mirrored closets. Located near top attractions like the Long Beach Convention Center and Shoreline Village, with easy access to dining, shopping, and transportation.
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1187 E 3rd St #111
Long Beach 90802
2 Bed | 2 Bath | 1039 SF | $2,595
Looking for the perfect beachside home? Look no further than this beautiful two-bedroom, two-bathroom condo located in Alamitos Beach! Just six blocks to the beach, this home is perfectly situated for those seeking a coastal lifestyle.
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488 E Ocean Blvd #P9
Long Beach 90802
1 Bed + Bonus Room | 1.5 Bath | 1447 SF | $799,900
Experience Luxury Living with Breathtaking Panoramic Views in this Rare Two-Story Penthouse! AMAZING VIEWS!! Discover unparalleled luxury in this stunning 18th & 19th-floor penthouse in the prestigious Aqua high-rise building in downtown Long Beach.
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3503 Marber Ave.
Long Beach 90808
3 Bed | 2 Bath | 1553 SF | $1,120,000
Impeccable South of Conant Home on a Beautiful Tree-Lined Street! This charming 3-bedroom, 2-bath home in a highly sought-after neighborhood exudes curb appeal with designer touches throughout.
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2101 E 2nd St #205
Long Beach 90803
2 Bed | 2 Bath | 1064 SF | $679,900
Enjoy the ocean breeze in this beautiful condo located just 2 blocks to the beach and across from Bixby Park. Walking distance to the beach, Retro Row, Broadway Ave, dog park, Farmer’s Market, and all the great local restaurants, cafes, and nightlife.
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6815 E Monlaco Rd
Long Beach 90815
3 Bed | 2 Bath | 1254 SF | $995,000
Welcome Home to Modern Elegance in the Heart of the Plaza Area, Long Beach! Nestled in the highly sought-after Plaza neighborhood, this newly updated 3-bedroom, 2-bathroom residence invites you to experience the perfect blend of contemporary comfort and classic charm. Step inside to discover a thoughtfully designed living space that seamlessly combines style and functionality.
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6713 E Almada St
Long Beach 90815
4 Bed | 3 Bath | 2136 SF | $1,174,900
Welcome to Your Dream Home in Los Altos! This stunning 4-bedroom, 3-bathroom, 2-story home is a rare find in the highly sought-after Los Altos community. Conveniently located near Belmont Shore, this home offers easy freeway access, making commuting a breeze. You'll be close to parks and highly rated schools, perfect for families and outdoor enthusiasts alike.
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6600 Warner Ave #182
Huntington Beach 92647
1 Bed | 1 Bath | 765 SF | $425,900
Highly sought after top floor condo at Villa Warner iin Huntington Beach! This beautiful condo offers plush carpeting, smooth ceilings, recessed lighting, large living room with sunny balcony! Villa Warner is a gated community and offers a large pool, spa, cooking area, weight room, billiards room, Extra storage, close to the Ocean, shopping & restaurants.
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525 E Seaside Way #1508
Long Beach 90802
2 Bed | 2 Bath | 1030 SF | $790,000
Enjoy breathtaking ocean views from the living room, bedrooms and the patio in this modern luxury 2 bed, 2 bath highrise condo. Short distance to the beach, harbor, Shoreline Village, Terrace Theater, restaurants, nightlife, and so much more!
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