Houses in Huntington Beach California overlooking the beautiful harbor scenery

Mortgage rates continue their gradual decline, with the 30-year fixed-rate mortgage averaging 6.95% this week, following the Federal Reserve's decision to maintain its benchmark rate. Home sales are holding steady, particularly in the high-end market, driven by increased inventory and strong performance among high-income earners. Despite a slight increase in housing supply, inventory levels remain tight, influenced by life events and demographic changes, pushing sales forecasts higher while underscoring the prolonged challenge of reaching a balanced market.

 

Mortgage rates continue to trickle down: On the heels of the Fed standing firm on keeping its benchmark rate unchanged, mortgage rates trickled down again this week, with the 30-year-fixed rate mortgage averaging 6.95%, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac released yesterday. The move marks another step down after dropping to 6.99% the previous week. 

 

Home sales holding up remarkably well: After hitting a low-point of roughly 225,000 units last winter, sales bounced back to a 275,000-unit pace in April and preliminary indications are that May should maintain a similar level of sales. The top end of the market (homes priced $1 million and above) are significantly outperforming the entry level, both due to more available inventory at the top end of the market and the over performance (economically) of high-income earners in California. Regionally, there is very little variation between north and south; urban/metro and rural; coastal and inland - highlighting how much of today’s housing market is influenced by macro, rather than local-specific factors. The current forecast expects sales to continue to trend up, breaching the 300,000 benchmark again by the end of the year, but the highs reached in 2021 are still years in the future.  

 

Housing supply keeps rising, but normal still a long way off: Although more than 2/3 of California homeowners secured a rate below 4% during the pandemic, which provides a significant disincentive for existing homeowners to move, inventory has been rising throughout 2024. Facing higher rates now is certainly one factor in deciding whether to move, but many life events have been accumulating in California since many of these homeowners achieved such low rates. For example, California has seen nearly 1.7 million babies born since 2020. More than 1.2 million Californians have died since the pandemic as well, and a net of over 1.1 million people have moved out of the state during this time. In simple terms, many people are in homes that don’t work for them as well as they used to, and they are deciding to change gears despite the higher rates. This is the main factor that drives our forecast for higher sales this year, but it is also important to temper our optimism because inventory has only rebounded to 2020 levels and a tight market will remain the norm.

 

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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Beautiful kitchen in luxury modern contemporary home interior with island and chairs

 

 

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Does your property need some TLC or would having some improvements help you fetch top dollar? With our new listing concierge service we will coordinate getting your home all fixed up and ready to sell. We will manage the entire process of getting your home ready and all decked out with the latest trends, designs and materials. Our contractors are all licensed, bonded, and insured and do excellent work. Best of all, there is no money due up front. This saves you the time and expense of interviewing contractors, managing the work, and all the headache that goes along with fixing up a property. This enables our clients to position their property as "move in ready" to capture maximum buyer interest.

 

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1168 E 10th St #224B

Long Beach 90813

2 Bed | 2 Bath | 698 SF | $399,900

 

Great opportunity to own this nicely updated 2 bedroom, 2 bath, top floor corner condo with views of Signal Hill. Just a short drive to downtown Long Beach and to the beach!

2101 E 2nd St #205

Long Beach 90803

2 Bed | 2 Bath | 1064 SF | $679,900

 

Enjoy the ocean breeze in this beautiful 2 bedroom 2 bath condo located just 2 blocks to the beach and across from Bixby Park. Walking distance to the beach, Retro Row, Broadway Ave, dog park, Farmer’s Market, and all the great local restaurants, cafes, nightlife, pubs, bakeries, and more.

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525 E Seaside Way #1508

Long Beach 90802

2 Bed | 2 Bath | 1030 SF | $790,000

 

Enjoy breathtaking ocean views from the living room, bedrooms and the patio in this modern luxury 2 bed, 2 bath highrise condo. Short distance to the beach, harbor, Shoreline Village, Terrace Theater, restaurants, nightlife, and so much more!

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 a short distance to parks and shopping. Just a short drive to the Seal Beach pier. Great schools in the award winning Los Alamitos school district.

6544 Cerritos Ave.

Long Beach 90805

2 Bed | 1 Bath | 1,198 SF | $670,000

 

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.

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. 

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!

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.

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.

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.

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, and just a short distance to both Atlantic Avenue and Long Beach Blvd. 

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.

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!

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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Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855