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Economic data released last week showed that the U.S. economy is losing momentum as the lagged effects of monetary policy tightening slow growth as intended. Retail sales and Inflation posted its second-straight monthly decline. However, prices remain elevated for core goods and services which will likely push the Fed to hike rates at their May meeting one last time by another 25 basis points. Consumers adjusted their expectations around inflation and although still relatively pessimistic overall, their long-term sentiment remains stable. Californians will continue to face inventory challenges in 2023, as fewer Realtors® are listing properties ahead of the usual spring home buying season.
Inventory might get worse before it gets better according to Realtors®: The California Association of Realtors®’ (C.A.R.) monthly member survey revealed that inventory could pose a challenge ahead of the spring home buying season. The percentage of Realtors® with listing appointments dropped for the second consecutive month, moving in the opposite direction than usual this time of the year. With less listing appointments, less properties are consequently being listed for sale as evident in the drop-off of Realtors® reporting listing a property in April. After trending up in the first quarter of the year, the share of respondents indicating having listed a property fell to 18.3%. What is more, they became more pessimistic about listings going up as the share dropped for the second consecutive month. Unfortunately, part of it seems to be reluctance from sellers to list as the share of those holding back from selling jumped to the second highest level on record since the inception of the survey began nearly two years ago.
Consumer prices continue cooling but remain elevated: The March report for Consumer Price Index (CPI) showed prices rose by the smallest amount in nine months, but excluding food and energy (core CPI), inflation remains stubbornly high. While the headline CPI slowed to 5% over the same month of last year, core CPI advanced 0.4% in March and pushed up the year-over-year rate to 5.6%. The core CPI has been above 5% for 16 consecutive months, which is more than double the Fed’s target rate and will likely press for them to enact one more rate hike at their upcoming meeting. Looking ahead, many signs like normalization of inventories, scaling back in manufacturing, rolling over of shelter costs, and slower wage growth, all point to less upward pressure on consumer prices.
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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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. OPEN HOUSE Saturday 4/22 1 - 3pm
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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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7887 Lampson Ave #54
Garden Grove 92841
2 Beds | 2 Baths | 800 SqFt | $110,000
Beautifully updated 2 bedroom, 2 bath home in Garden Terrace Estates.
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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.
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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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199 Prospect Ave
Long Beach 90803
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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939 Appletone Ave #3
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.
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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!
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2204 Conquista Ave.,
Long Beach 90815
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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6490 E Saddle Dr
Long Beach 90815
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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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
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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.
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