Maltese Puppy Sitting Home Sweet Home Welcome Mat At Front Door Of House.

With rates continuing to moderate and a strong jobs report, we are seeing an uptick in pending sales, new homes sales, and mortgage activity.


Mortgage rates continue to decline: The 30-year fixed-rate mortgage (FRM) edged down again this week, averaging 6.09%, down from 6.13% the previous week, according to the latest Primary Mortgage Market Survey® from Freddie Mac released yesterday. The news follows the more modest 25-basis-point interest rate hike announced by the Federal Reserve Wednesday afternoon–which experts say signals that the central bank is growing more confident in the battle against inflation.


Strong jobs report in January: The U.S. added 517,000 jobs in January, and the unemployment rate saw a minor decrease to 3.4%, according to the latest Employment Situation Summary from the U.S. Bureau of Labor Statistics. Employers added a booming 517,000 jobs in January as hiring unexpectedly surged despite high inflation, rising interest rates and the prospect of a weakening economy. The unemployment rate fell from 3.5% to 3.4%, lowest since 1969, the Labor Department said today. 


Pending home sales break six-month streak to end the year with modest gains: The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales at the national level, improved in December 2022 for the first time since May, increasing 2.5% from November. The modest rise in contract signings month-over-month was mainly attributed to mortgage rates trending down, which provided a window of opportunity for some buyers to re-enter the market. While pending sales were still 33.8% behind December of 2021, rates have continued trending lower in recent weeks and should drive an improvement in pending sales for January as well.


U.S. new home sales post third consecutive monthly gain: Sales of new single-family homes in the U.S. increased for a third straight month in December. November’s sales were revised down to 602,000 units so December’s 616,000 unit pace ended up with a slight improvement of 2.3%. This is a double-digit increase in sales activity for new homes from the 550,000-unit low pace established in the middle of 2022, offering hope that the struggling housing market is starting to stabilize – though at depressed levels. However, the Northeast and the West (which includes California), did not see a monthly improvement like the South or Midwest did. January might be a different story as rates retreat.


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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32,924 SqFt of Residential Land | $725,000


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