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We have some exciting news to share about the current state of the housing market:
Home Purchase Sentiment Soars: According to the Fannie Mae Home Purchase Sentiment Index® (HPSI), consumer optimism regarding mortgage rates has increased significantly. In April, the HPSI reached its highest level since May 2022, jumping 5.5 points to 66.8. All six components of the index experienced month-over-month growth, including the one associated with consumers' expectations on mortgage rates. While almost half of respondents anticipated mortgage rates to rise, an encouraging 22% of them expect rates to go down. However, due to elevated borrowing costs and affordability challenges, only 23% of respondents felt it was a good time to buy a home.
Decline in Mortgage Delinquency Rates: Great news! The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased in the first quarter of 2023. This decline marked the lowest level for any Q1 since tracking began in 1979. The rate stood at a seasonally adjusted 3.56% of all outstanding loans, showing significant improvement. The positive trend was observed across all loan types (FHA, VA, and conventional) and in all states. The robust job market has played a significant role in this improvement as mortgage delinquencies typically correlate with unemployment.
Gradual Easing of Consumer Prices: Although consumer prices remain elevated, there are signs of gradual easing. In April, the Consumer Price Index (CPI) increased by 0.4%, resulting in a 4.9% increase over the past 12 months. When excluding food and energy, the core CPI rose 0.4% in the month and 5.5% over the year. Notably, shelter costs rose by 7.5% over the last year, making it the primary contributor to the overall monthly increase. Recent months have seen a cooling of inflation despite the overall increases, and softer readings for energy and food inflation have even helped push the year-over-year headline CPI inflation below 5% for the first time in two years. This provides some encouraging news that the Federal Reserve's pause on rate hikes may be on the horizon.
We hope this information gives you valuable insights into the current housing market trends. If you have any questions or would like to discuss further, please don't hesitate to reach out.
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Save Thousands for Dollars With Our
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1007 Catalina Ave #108
Redondo Beach 90277
2 Bed | 2 Bath | 1,181 SF | $1,249,000
Welcome to Your Dream Beach Home! A Stunning 2-Bedroom Condo located 1 block to the beach.
Open House
Saturday & Sunday
1 - 4pm
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985 S. Idaho Ave. #60
La Habra 90631
2 Bed+Den | 2 Bath | 1,073 SF | $489,000
New on the market! This 2 bedroom plus a den (currently being used as a 3rd bedroom) is tucked away in a peaceful serene location surrounded by beautiful trees in the Woodlake Villas of La Habra.
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2217 Westwind Way
Signal Hill 90755
4 Bed | 4 Bath | 3,516 SF | $2,495,000
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 Bed | 2 Bath | 800 SF | $110,000
Beautifully updated 2 bedroom, 2 bath home in Garden Terrace Estates.
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5250 E. Lomita Ave.,
Orange 92869
32,924 SF 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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256 Hermosa Ave
Long Beach 90802
2 Bed | 1 Bath | 780 SF | $479,000
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.
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199 Prospect Ave
Long Beach 90803
5 Bed | 3 Bath | 2,557 SF | $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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200 S. La Fayette Park Pl. #1
Los Angeles 90057
1 Bed | 2 Bath | 1,990 SF | $775,000
Great corner unit 1 bedroom, plus den and loft townhome located close to Korea town, DTLA, and Silverlake.
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100 W. Louise St.
Long Beach 90805
3 Bed | 2 Bath | 1,031 SF | $545,000
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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5221 E Patterson St.,
Long Beach 90815
4 Bed | 2 Bath | 1,627 SF | $870,000
Wonderful home in the Stratford Square area of Long Beach. Lovely neighborhood known for its award winning schools.
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939 Appletone Ave #3
Long Beach 90802
1 Bed | 1 Bath | 640 SF | $355,000
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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939 Appletone Ave #8
Long Beach 90802
2 Bed | 2 Bath | 900 SF | $453,000
Charming two bedroom two bathroom condo sits in a prime location, just blocks away from the popular Alamitos Beach, Shoreline Village, Pike Outlets, 4th Street's Retro Row, Downtown Long Beach, and more
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64 Corona Ave.,
Long Beach 90803
3 Bed | 3 Bath | 1,532 SF | $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 Bed | 3 Bath | 2,629 SF | $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 Bed | 3 Bath | 2,845 SF | $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 Bed | 3 Bath | 2,739 SF | $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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