3d rendering of modern cozy house with pool and parking for sale or rent in luxurious style and beautiful landscaping on background. Clear summer evening with cozy light from window

California had a good start in 2024 with both housing supply and buyer demand showing signs of improvement in January. While the market will likely face headwinds in the coming months as mortgage rates continue to fluctuate, the lending environment is expected to be more favorable in 2024. Rates will ease again as inflation stabilizes in the second quarter and the market could see more pent-up demand being converted into sales in the spring homebuying season.

 

California home sales kick off the new year with a positive note: January home sales in California reached the highest level in six months, with the statewide existing single-family home sales registering a year-over-year gain for the first time in 31 months. Pending sales at the state level also increased year-over-year for the first time since May 2021, signaling the possibility of a back-to-back annual increase in closed sales in February. With rates dropping sharply at the end of last year, many homebuyers on the sidelines reentered the market and pushed sales up a notch in the first month of 2024. While the increase in January was encouraging, sales were below the 300,000-unit threshold for the 16th straight month and will likely remain under that level in the first quarter. 

 

Median price dips from the prior month but registers another annual gain in January: The statewide median price of existing single-family homes dipped below the $800,000 benchmark for the first time in ten months but continued to record a modest year-over-year gain in January. All major regions except the Far North increased in their median price from a year ago at the start of 2024. Despite mortgage rates rising in the last few weeks, home prices should remain on their upward trend and continue to grow moderately from a year ago in the next couple of months as housing supply remains tight. 

 

Housing supply shows signs of improvement but headwinds remain: Active listings at the state level dipped again on a year-over year basis for ten straight months, but the decline for the current month was the smallest. More importantly, new active listings at the state level increased from a year ago for the first time in 19 months and the annual increase was the largest since May 2022. Potential home sellers could hit the pause button on listing their house in the next few weeks though, as rates climbed back up to a two-month high late last week due to the latest inflation concerns. In general, rates are expected to decline later this year, and available inventory should slowly improve throughout 2024.

 

Consumer inflation tops expectations again in January: Consumer prices rose from a year ago by 3.1% in January. While the number was a dip from the 3.4% gain in December, it was higher than the consensus forecast of 2.9%. The Core CPI – inflation excluding food and energy – was unchanged on an annual basis in January, with the index registering a 3.9% gain from 12 months ago, the same as what was recorded in December 2023. The index also came in higher than the 3.7% predicted by economists. Shelter costs remained stubbornly high, with its index increasing 6.0% year-over-year, and accounted for two-thirds of the monthly all items increase. With inflation remaining sticky and the January CPI data not giving the Fed any evidence that a slowdown in price pressures is broadening beyond goods, the odds of a rate cut in the March FOMC meeting are very slim.

 

If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.

 

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For Sale

5372 Kenilworth Dr.

Huntington Beach 92649

4 Bed | 5 Bath | 2,293 SF | $1,650,000

 

Discover the allure of coastal living, nestled in Huntington Beach's prestigious 92649 ZIP code, mere steps from the ocean. This exquisite residence boasts a prime location that merges seamless accessibility to the Brightwater Trail with the tranquility of the Bolsa Chica Ecological Reserve right in your backyard. 

837 Chestnut Ave. #12

Long Beach 90813

1 Bed | 1 Bath | 611 SF | $320,000

 

Step into this wonderful top-floor unit boasting an open floor plan in a mid-century style building. This property presents a unique opportunity to own a fantastic rental or a charming coastal condo just moments away from the beach.

For Rent

2892 Walker Lee Dr.

Rossmoor 90720

5 Bed | 8 Bath | 6,041 SF | $15,000 / mo

 

Welcome home to perfection in this one-of-a-kind home in the highly sought after community of Rossmoor. Breathtaking elegance is evident upon arrival & deepens with the discovery of each exquisitely unique space, feature & divine amenity.  

12661 Martha Ann Dr.

Rossmoor 90720

4 Bed | 3.5 Bath | 2,221 SF | $6,500 / mo

 

Welcome Home - Located in the highly sought-after prestigious community of Rossmoor, Orange County. All elements throughout this 4 bedroom, 3.5 bath turn-key home come together to create a space that radiates contemporary style with modernist amenities.

In Escrow

14715 Bellflower Blvd.

Bellflower 90706

2 Bed | 1 Bath | 805 SF | $645,000

 

Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $699,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

 

3825 Linden Ave. 

Long Beach 90807

3 Bed | 2 Bath | 2,142 SF | $1,250,000

 

Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd. 

Recently Sold

2512 W Beachy Pl 

Anaheim 92804

3 Bed | 2 Bath | 1,695 SF | $875,000

 

Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.

2174 Stanbridge Ave

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $905,000

 

Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,605,000

 

Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.

5417 Bonfair Ave

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

 

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

 

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St.

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

 

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

 

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.

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Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855