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Hope everyone has a happy Easter weekend!
The economy is still exhibiting resilience despite slower growth in recent weeks. Although consumers’ view on their present situation took a step back, improvement on their outlook continued to edge higher. The strong labor market has much to do with it, as it continues to push real wages higher and keep the economy from falling behind. Meanwhile, as mortgage rates dip, applications to purchase or refinance continue to increase. The spring buying season, however, may not be as strong as prior years, as housing supply is expected to be tight in coming months due to lock-in effect.
Growth of new listings shrinks as more sellers are holding off: New listings continued to fall in March, dropping nearly half (47.3%) as much as the same month of last year. Typically, the trend of new listings and inventory starts picks up at the end of the first quarter to kick off the spring home buying season. However, new listings across all regions and all price ranges have slowed significantly since late last year. For the last five months, nearly two-fifths of REALTORS® on average have expressed having clients holding back from selling. With mortgage interest rates remaining nearly twice as high as last year’s levels, many sellers are reluctant to part ways with their low-interest-rates that they locked in prior to the Fed’s aggressive rate hikes that started in early 2022.
Mortgage application volume improves for fourth consecutive week: According to the Mortgage Bankers Association’s (MBA) Market Composite Index, mortgage application volume increased 2.9% on a seasonally adjusted basis and 3.0% unadjusted during the week ended March 24, compared to the week ended March 17. Applications for both home purchases and refinancing rose for the fourth time as mortgage rates remain low relative to a few weeks ago before the bank failure fallout. As of March 30, the 30-year fixed-rate mortgage (FRM) averaged 6.32% - the lowest in six weeks. With home price growth slowing and rates declining in recent weeks, buyers’ purchasing power should continue to improve and will likely bring more buyers back into the market. Shrinking new inventory, however, will continue to be a challenge as the spring home buying season gets underway.
Consumer confidence edges higher despite recent financial turmoil: The banking crisis does not seem to be a concerning factor for consumers at the moment as their confidence edged higher in March. Despite recent bank failures, the Conference Board’s Consumer Confidence Index rose modestly to 104.2. Though the overall index improved, the component measuring their present situation slid back to where it was in January at 151.1, roughly the midpoint of its range for the last 18 months. However, a slightly more upbeat take on where things are headed, along with favorable labor market conditions, were enough to give overall confidence a nudge in the right direction.
Migration and growth patterns edge closer to pre-pandemic levels: New data published by the Census Bureau suggests a slowdown in outmigration for many largest counties in the nation in 2022, after experiencing noticeable declines in population in 2021. Los Angeles County - the most populous county in the United States - lost more residents than any other county in the states, with 143,000 of them leaving the county in 2022,. That said, the drop was not as drastic as 2021's almost 195,000 decline. A similar pattern was observed in many metropolitan counties in the South and the West, where many impacts experienced during the pandemic were either reverted to near pre-pandemic levels or made a full recovery. These population shifts were partly attributed to net international migration, which continued to improve throughout 2022 after declining sharply during the pandemic era.
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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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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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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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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