Beach luxury living on Sea view   3d render

While the Fed’s hawkish interest rate policy was expected to slow the economy and inflation, recent data continues to suggest otherwise. The labor market remains tight and is still not showing signs of deterioration with new weekly jobless claims remaining under 200,000 for the seventh consecutive week. In the housing market, builders continued to scale back on new development, with residential investment in single-family homes down 1.7% in January. Moreover, with the average rate for a 30-year fixed mortgage rising 52 bps since the end of January, mortgage purchase applications fell to a 28-year low this past week. As demand remains soft, home prices are expected to soften as well, which will help improve affordability. 


Mortgage loan activity declines as rates hit 4-month high: According to the Mortgage Bankers Association (MBA), total mortgage loan application volume as of February 24, decreased 5.7% form the week prior. This was the third consecutive weekly decline in mortgage loan activity after a brief resurgence in January when rates hit their lowest level since November 2022. However, rates have inched up more than 50 basis points over the past month as sustained economic growth and continued inflation reduce the possibility of the Fed loosening up its monetary policy anytime soon. With rates topping a 4-month high and nearing 7%, refinance activity has shrunk significantly and purchase applications have fallen to a 28-year low as potential homebuyers once again retreat to the sidelines. 


Construction spending weakens, decline in residential overshadows nonresidential gain: Total construction spending remains above last year by 5.7%, though it continues to slow down as it fell 0.1% from December. Despite the nonresidential sector advancing 0.3%, total construction spending continues to be dragged down by a much weaker residential sector, which dipped 0.6% during the month and marked its eight consecutive decline. Residential spending is running 3.8% behind the same month of last year, mostly as a result of a 1.7% decline in single-family construction spending – offsetting growth in multifamily (0.4%) and home improvement (0.3%) spending. Compared to a year ago, spending on single-family construction was 18.4% lower and is consistent with a pull back on new home building as rising interest rates cool the housing market. 


Jobless claims remain historically low, pointing to a still strong labor market: The number of Americans filling new claims for unemployment benefits fell again last week as they dropped 2,000 to a seasonally adjusted 190,000 for the week ending February 25. It was the seventh straight week that claims remained below 200,000 pointing to a strong labor market that continues to show minimal signs of deterioration despite efforts by the Fed to cool the economy, loosen the labor market and tame inflation. 


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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2 Beds | 2 Baths | 800 SqFt | $110,000


Beautifully updated 2 bedroom, 2 bath home in Garden Terrace Estates..

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4 Beds | 4 Baths | 3,516 SqFt | $2,695,000


Stunning panoramic views from this custom hilltop home, nestled at the end of the cul-de-sac on a double corner lot. Amazing city and ocean views from Newport Beach to the skyscrapers of downtown LA.

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


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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. 

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


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Nicely updated 2 bedroom, 2 bath, 

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