Rainbow over Southern Californian Beach.

Sales of existing single-family homes in California edged up from the prior month, despite dropping sharply from a year ago. While recent pending sales statistics suggest continued improvement in home sales in the coming months, a renewed concern that the Federal Reserve will keep rates high has sparked a surge in rates and created a cloudier market outlook for the short term. 

 

California’s housing market kicked off the year with a weak start: Sales of existing single-family homes remained below 250,000 for the third consecutive month and declined 45.7% from a year ago. The market might have already reached its bottom, however, as California home sales edged up for the second straight month as homebuyers took advantage of lower interest rates and lower prices in January. With pending sales remaining on a declining trend but receding at a slower pace in January, the market should see another improvement in closed sales in February. Home prices, on the other hand, continued to dip on a year-over-year basis and will drop further next month due to seasonality and higher costs of borrowing.  

 

Inflation continues to cool at a slow pace: Prices for consumer goods & services in the U.S. eased for the seventh month in a row in January, as the rate of growth over the last 12 months dipped to 6.4% from 6.5% in December. The Consumer Price Index (CPI), however, accelerated at the fastest monthly pace since October, which is an implication that overall price level will continue to be high in the near term. With the labor market remaining strong at the start of 2023, the Fed will likely raise rates again in at least their next meeting, and mortgage rates will remain elevated for most of the year.

 

Mortgage rates increase as yield markets anticipate further tightening by the Fed: The bond market might have been overly enthusiastic that inflation was going away, and the economy was slowing which led to mortgage rates trending lower in January. With the latest CPI and retails sales reports painting a picture of higher-than-expected inflationary pressure and stronger-than-expected consumers demand, Treasury yields rose this week as investors reacted in anticipation of further rate hikes by the Fed. Mortgage rates climbed again for the third consecutive week as a result, with the average 30-year fixed-rate mortgage (FRM) as of February 23 jumping 18 basis points to 6.95% from the prior week.

 

If you would like to discuss today's market and whether now is a good time for you to buy or sell, give me a call at (562) 900-9430.

 

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For Sale

100 W. Louise St.

Long Beach 90805

3 Beds | 2 Baths | 1,031 SqFt | $500,000

 

Great opportunity to own this 3 bedroom, 2 bath single family home on a corner lot.  Bring your imagination as this fixer has so much potential. 

5221 E Patterson St., 

Long Beach 90815

4 Beds | 2 Baths | 1,627 SqFt | $860,000

 

Wonderful home in the Stratford Square area of Long Beach. Lovely neighborhood known for its award winning schools. 

5250 E. Lomita Ave., 

Orange 92869 

32,924 SqFt of Residential Land | $650,000

 

Located on a private street with custom homes, this 32,924 SqFt lot comes with plans for a 5000+ SqFt custom home featuring amazing views.  

Coming Soon

635 E Bonds St., 

Carson 90745 

3 Beds | 2 Baths | 1,406 SqFt | $650,000

 

Great opportunity to own this 2 story 3 bedroom, 2 bath home with updated kitchen.

In Escrow

2204 Conquista Ave., 

Long Beach 90815

4 Beds | 3 Baths | 2,629 SqFt | $1,099,000

 

Beautifully upgraded 4 bedroom, 3 bathroom home in the highly desirable Los Altos area of Long Beach. This spacious two-story pool home is perfect for entertaining. 

6490 E Saddle Dr

Long Beach 90815

3 Beds | 3 Baths | 2,845 SqFt | $1,789,900

 

Presenting this Amazing turnkey opportunity to live in Bixby Hill's 24 hr gated community. An entertainers paradise with your own oversized pool w/ beautiful waterfall.

64 Corona Ave., 

Long Beach 90803

3 Beds | 3 Baths | 1,532 SqFt | $1,498,000

 

Amazing single-story bungalow on an oversized lot located less than a block to the ocean in the heart of Belmont Shore!

Recently Sold

17141 Harvest Ave.,

Cerritos 90703

5 Beds | 3 Baths | 2,739 SqFt | $1,275,000

 

Welcome Home! Located in the highly sought-after area of Cerritos, this impeccable two-story home occupies is move-in ready

5763 Eckleson St.,

Lakewood 90713

3 Beds | 2 Baths | 1,694 SqFt | $831,000

 

Beautifully updated 3 bedroom, 2 bath home in the heart of Lakewood on a tree lined street only minutes from great parks, schools, and nearby freeways.

28608 Mount Shasta Dr.

Rancho Palos Verdes 90275

3 Beds | 2 Baths | 2100 SqFt | $1,110,000

 

Beautifully remodeled 2 level home nestled in the quiet, desirable Strathmore neighborhood of Rancho Palos Verdes! 

1215 Ohio Ave #2A,

Long Beach 90804 

2 Beds | 2 Baths | 898 SqFt | $453,500

 

Nicely updated 2 bedroom, 2 bath, 

2 story townhome style condo with a private garage.  

853 E. Helmick St., 

Carson 90746

4 Beds | 2 Bath | 1,612 SqFt | $820,000

 

Welcome home to this beautiful 4 bedroom home in a highly sought after neighborhood in Carson. 

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