|
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.
|
|
|
Looking To Move Out Of State?
Save Thousands for Dollars With Our
REALTOR® Referral Program
As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Arizona, Nevada, Montana, Texas, Florida, and other states by referring them to local experts to help them find their next dream home. These agents were able to save them thousands of dollars and reduce the time and hassle of finding a new home in another state.
If you or someone you know is looking to move out state, contact me to tap into the power of my local network of experienced agents.
|
|
|
|
|
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!
|
|
|
|
|
5221 E Patterson St.,
Long Beach 90815
4 Beds | 2 Baths | 1,627 SqFt | $865,000
Wonderful home in the Stratford Square area of Long Beach. Lovely neighborhood known for its award winning schools.
|
|
|
|
|
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.
|
|
|
|
|
5250 E. Lomita Ave.,
Orange 92869
32,924 SqFt of Residential Land | $725,000
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.
|
|
|
|
|
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.
|
|
|
|
|
5763 Eckleson St.,
Lakewood 90713
3 Beds | 2 Baths | 1,694 SqFt | $799,900
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.
|
|
|
|
|
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
|
|
|
|
|
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.
|
|
|
