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Federal Reserve raises rates: The Federal Reserve approved its 10th interest rate increase in just a little over a year and dropped a tentative hint that the current tightening cycle is at an end. The widely expected decision, which takes the fed funds rate to a target range of 5%-5.25%, was unanimous. The post-meeting statement omitted a sentence present in the central bank’s March comments saying that “the Committee anticipates that some additional policy firming may be appropriate” for the Fed to achieve its 2% inflation goal. Financial markets are anticipating that slower growth and the possibility of recession will force the Fed to cut rates later this year.
New home sales surge in March: Sales of new homes increased 9.6% from February to an annual pace of 683K as buyers turned to new construction amid low resale inventory. Although February’s sales gain was revised down to a 3.9% decline, March was the third increase in the last four months and the highest sales pace recorded in 11 months. The strong increase in sales made a dent in the months of supply of new homes, which dropped from 8.4 months in February to 7.6 months in March. It also resulted in greater competition and modest price gains. The median price for new homes rose 3.8% over the month and 3.2% over the same month of last year. Despite demand showing resilience in recent months, new home sales continued to run below their pace one year ago as interest rates remained elevated.
Consumer confidence falls as expectations about the future become uncertain: Consumer confidence dipped to a six-month low in April as growing concerns about the future and the stability of the banking system weigh on their sentiment. According to the Conference Board, the Consumer Confidence Index fell to 101.3 in April driven by a steep drop in the expectations component, which tumbled to 68.1 – the lowest reading since July. The drop in the forward-looking measure, triggered by fears of what lays ahead, could be a sign of pull-back on consumer spending in the near future. Meanwhile, the present situation index rose slightly to 151.1 during the same month, as consumers remained upbeat about both the labor market and business conditions.
U.S. economy continues to expand, albeit at a relative sluggish pace: Real GDP grew 1.1% at an annualized rate in Q1-2023 relative to the previous quarter. This was a step back from the 2.6% growth rate during the last quarter of 2022. The economic growth in the first quarter of 2023 was driven largely by a solid increase of 3.7% in real spending. Monthly data, however, shows that consumer spending might have lost momentum towards the end of the quarter, as retail sales activity dropped off significantly following January’s strong surge. Businesses also pulled back sharply in the first quarter, with inventories being drawn down, equipment purchases being cut, and residential investment being reduced.
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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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! Coming soon!
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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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1329 E. 1st St #16
Long Beach 90802
2 Bed | 2 Bath | 959 SF | $2,500
Looking for the perfect beachside home? Look no further than this beautiful two-bedroom, two-bathroom condo located in the heart of Alamitos Beach!
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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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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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100 W. Louise St.
Long Beach 90805
3 Bed | 2 Bath | 1,031 SF | $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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5221 E Patterson St.,
Long Beach 90815
4 Bed | 2 Bath | 1,627 SF | $850,000
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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5763 Eckleson St.,
Lakewood 90713
3 Bed | 2 Bath | 1,694 SF | $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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