Beautiful houses by the sea in Balboa Island_ California

Data released last week for the U.S. economy shows that the labor market is gradually slowing down. However, while the job count declined from the prior month, the March report was still strong overall. Wages inched up from a year ago at the slowest pace in 20 months, and labor force participation rose to the highest level since March 2020, while unemployment rate dropped to 3.5%. The jobs report, while delivering some good news on the inflation front, could be just enough to prompt the Fed to raise the fed funds rate by an additional 25bps in their next meeting in May. Lastly, while consumer confidence in the housing market bounced back, it remained near historic lows, which suggests that the market will likely see a more gradual recovery as it enters the spring homebuying season. 


Consumer confidence in the housing market remains near historic lows: After dipping briefly in February following a streak of three consecutive monthly increases, the Fannie Mae Home Purchase Sentiment Index® (HPSI) bounced back by 3.3 points in March. The monthly uptick pushed the headline index to 61.3 and 11.9 points closer to the year-ago level. While four of the six components of the index – including perspective on home-selling conditions and consumers’ sense of job security - showed noticeable improvements month-over-month, a large majority of consumers continue to believe that it is a bad time to buy a home. This is what’s keeping the overall consumer confidence in the housing market to be near historic lows and could result in home sales remaining subdued in the coming months. 


Mortgage applications dip despite lower mortgage rates: According to the Mortgage Bankers Association’s (MBA) Market Composite Index, mortgage application volume decreased 4.1% on a seasonally adjusted basis and 4.0% unadjusted during the week ended March 31, compared to the week ended March 24. Applications for both home purchases and refinancing dipped after increasing for four consecutive weeks, despite mortgage rates trending lower. With home prices softening and rates declining in recent weeks, buyers’ purchasing power should continue to improve and will likely bring more buyers back into the market. Low inventory of homes for sale, however, will continue to be a challenge as we enter the traditional spring homebuying season.


Hiring in the U.S. economy is slowing but not collapsing: After a couple of strong job reports in the last two months, the labor market continued to advance at a solid but slowing pace at the end of the first quarter. While the U.S. continued its string of 27 consecutive monthly increases in March and added 236,000 net new jobs, the gain was the smallest in over two years. The job growth, nevertheless, was strong enough to lower the unemployment rate to 3.5% from 3.6% in February. Meanwhile, the labor force participation increasing for the fourth consecutive month to a new post-pandemic high of 62.6%. Wage growth inched up but continued to cool, with the average hourly earnings growing 4.2% over the past year, the smallest since July 2021. With roughly 4.1 million more job openings than workers seeking employment, the path toward improving prices remains gradual, however.


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

256 Hermosa Ave

Long Beach 90802

2 Beds | 1 Bath | 780 SqFt | $499,000


Just listed! Nicely updated 2 bedroom condo in Alamitos Beach, close to Bluff Park, and just a short walk to the beach, Bixby Park, cafes, nightlife, and great restaurants. 

2217 Westwind Way

Signal Hill 90755

4 Beds | 4 Baths | 3,516 SqFt | $2,595,000


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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Garden Grove 92841

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


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

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. 

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.  

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5 Beds | 3 Baths | 2,557 SqFt | $1,895,000


Stunning 4 bedroom, 2 bathroom Belmont Heights Tudor with a nicely-sized Guest Quarters/Rental Unit/Home Office above the 2-car garage! 

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Long Beach 90802

1 Bed | 1 Bath | 640 SqFt | $349,900


Nicely updated top floor end unit 1 bedroom 1 bath condo in the heart of Alamitos Beach just a short walk to the beach. 

5221 E Patterson St.,

Long Beach 90815

4 Beds | 2 Baths | 1,627 SqFt | $850,000


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

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64 Corona Ave., 

Long Beach 90803

3 Beds | 3 Baths | 1,532 SqFt | $1,550,000


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

2204 Conquista Ave., 

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4 Beds | 3 Baths | 2,629 SqFt | $1,075,000


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. 

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3 Beds | 3 Baths | 2,845 SqFt | $1,720,000


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.

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


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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.

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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! 

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