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Home sales activity pulled back in March as mortgage rates continued to rise in the past few weeks. With inflation remaining sticky and above the Fed’s policy target range, the housing market had a slow start to kick off the spring homebuying season. Despite the headwinds, REALTORS® remain upbeat and believe the market will continue to improve in the later part of the season. The latest improvement in housing supply and the increase in competitiveness in the market, indeed, offer encouraging signs that the market could see better days in the second half of the year when mortgage rates begin to come down.
Home sales pull back as mortgage rates climb: The California housing market lost some of its momentum in March, as sales fell on a year-over-year basis for the first time in three months after registering back-to-back increases in January and February. Sales of existing single-family homes in California totaled 267,470 on a seasonally adjusted annualized rate in March 2024, down 7.8% from 290,020 in February and down 4.4% from 279,700 in March 2023. The statewide pending sales year-over-year growth climbed back into positive territory in March, with open- escrow sales up 1.1% from the same month of last year. With inflation remaining sticky, however, mortgage rates could stay higher for longer in the short term. As such, sales activity will likely stall in April but could pick back up after the market digests the latest set of inflation news.
California median price reaches highest level in seven months: The statewide median price recorded another strong year-over-year gain in March. California’s median home price was $854,490, up 6.0% from February and up 7.7% from an upwardly revised $793,260 in March 2023. The modest year-over-year gain was the ninth straight month of annual price increases for the Golden State. It was also the eleventh time in the last 12 months that the median price for an existing single-family home exceeds the $800,000 benchmark. With home sales holding up better in the high-end markets than their more affordable counterparts in the last few months, the change in the mix of sales has been playing a supportive role for the increase in the statewide median price. With seasonal factors and tight inventory expected to continue to put upward pressure on prices, California’s median price should climb further in the next couple of months.
REALTORS®’ insights offer hope for spring homebuying season: The latest REALTORS® Confidence index released by the National Association of REALTORS® suggests that the housing market will continue to improve, albeit slowly, from last year. Findings from March’s survey indicate that 26% of REALTORS® who responded to the survey expected a year-over-year increase in buyer traffic in the next three months, a dip from 30% in February but a jump from 21% in March 2023. The same number of respondents (26%) also expected a year-over-year growth in seller traffic for the same time frame, unchanged from February but more than doubled from 12% recorded 12 months ago. The housing market remained competitive last month as 60% of respondents said homes listed on the market were sold in less than a month, an improvement from 56% recorded a month ago but a decline from 65% in March 2023. On average, listings received 3.1 offers in March, as compared to 2.7 offers in the prior month and 3.2 offers in the prior year.
If you have any questions or would like personalized advice regarding the current market conditions, please feel free to reach out. Your success in real estate is my top priority.
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3022 Bostonian Dr.
Rossmoor 90720
4 Bed | 3 Bath | 2,612 SF | $1,700,000
Welcome Home - Updated Kempton model home featuring 4 bed, 3 baths in Rossmoor. Located within walking distance to parks and shopping. Just a short drive to the Seal Beach pier. Great schools in the award winning Los Alamitos school district.
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837 Chestnut Ave. #12
Long Beach 90813
1 Bed | 1 Bath | 611 SF | $275,000
Step into this wonderful top-floor unit boasting an open floor plan in a mid-century style building. This property presents a unique opportunity to own a fantastic rental or a charming coastal condo just moments away from the beach.
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700 E Ocean Blvd #607
Long Beach 90802
1 Bed | 1.5 Bath | 880 SF | $625,000
Amazing ocean views in this beautifully remodeled open floor plan condo at the iconic International Tower! This beautifully updated modern high-rise condo features hardwood flooring, fresh interior paint, scraped ceilings, and is light and bright with expansive ocean views.
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6544 Cerritos Ave.
Long Beach 90805
2 Bed | 1 Bath | 1,198 SF | $699,000
Welcome to 6544 Cerritos Ave, a charming slice of Spanish-inspired architecture nestled in the heart of North Long Beach. This classic 2-bedroom, 1-bathroom home boasts timeless elegance coupled with modern upgrades, offering comfort and style.
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1985 San Francisco Ave.
Long Beach 90806
3 Bed | 2 Bath | 1,509 SF | $1,020,000
This historic gem awaits you in the charming Wrigley neighborhood of Long Beach! This gorgeous Spanish home, built in 1928, is full of charming curb appeal with its gated courtyard, porte cochere, red-tiled roof and front steps leading to the turret entry!
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16136 Cornuta Ave. #117
Bellflower 90706
3 Bed | 2.5 Bath | 1336 SF | $590,000
Beautifully remodeled townhome with newly updated kitchen, baths, flooring, lighting, etc. Private 2 car attached garage.
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14715 Bellflower Blvd.
Bellflower 90706
2 Bed | 1 Bath | 805 SF | $655,000
Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.
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8738 Belmont St.
Bellflower 90706
3 Bed | 2 Bath | 1,276 SF | $720,000
An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU.
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8230 Santa InezBuena Park 90602
4 Bed | 2 Bath | 1,194 SF | $625,000
Beautifully remodeled end unit townhouse in Buena Park! 4 bedrooms, 2 baths with open floor plan, modern kitchen, and private backyard.
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3825 Linden Ave.
Long Beach 90807
3 Bed | 2 Bath | 2,142 SF | $1,350,000
Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, walking distance to to both Atlantic Avenue and Long Beach Blvd.
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2512 W Beachy Pl
Anaheim 92804
3 Bed | 2 Bath | 1,695 SF | $875,000
Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.
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2174 Stanbridge Ave
Long Beach 90815
3 Bed | 2 Bath | 1,489 SF | $905,000
Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!
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807 Delaware St
Huntington Beach 92648
4 Bed | 5 Bath | 3,237 SF | $2,605,000
Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle.
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5417 Bonfair Ave
Lakewood 90712
4 Bed | 2 Bath | 1,746 SF | $950,000
Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood.
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251 Elm Ave.
Long Beach 90802
2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000
This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.
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