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It has been a busy week in economic news, with the approval of the debt ceiling bill and the release of strong jobs numbers. Now that the debt ceiling debate is behind us, mortgage rates have started to decrease. Here are the key highlights from this week:
Strong Jobs Numbers Reported for May: In May, the U.S. gained an impressive 390,000 payroll jobs, nearly double the pre-pandemic average. This confirms that significant parts of the economy are thriving despite the Federal Reserve's aggressive interest rate increases. However, there are some underlying details beneath the headline number that may indicate potential weaknesses in the labor market. The unemployment rate rose by three-tenths of a percentage point, from 3.4% to 3.7%. This level of change, except during the onset of the pandemic, has not been seen in over a decade since the sluggish recovery from the 2007-2009 recession.
New Home Sales Increase for the Second Month in a Row: Builders benefited from the limited inventory of existing homes in April, prompting more buyers to turn to new construction as an alternative. Sales of new homes rose by 4.1% to a seasonally adjusted annual rate of 683,000 in April. This represents the highest pace since March 2022, with an 11.8% increase compared to the same period last year. While builder incentives continue to motivate buyers towards new construction, their utilization by builders is becoming less common as housing demand stabilizes.
Mortgage Rates Start to Decline Due to Debt Ceiling Resolution: For the week ending on June 2, 2023, the average 30-year fixed rate mortgage (FRM) declined by 17 basis points to 6.98% compared to the previous week. In May, rates had been increasing due to concerns over the debt ceiling. However, now that the House and Senate have passed the debt ceiling bill, mortgage rates have started to come down.
If you have any real estate questions or would like to discuss if now is a good time to buy or sell, please feel free to contact me.
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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 story, 2 bedroom, 2 bath condo located half a block to the beach. Beautifully updated throughout with dramatic high ceilings, gorgeous kitchen, and an abundance of natural light and open space.
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985 S. Idaho Ave. #60La Habra 90631
2 Bed+Den | 2 Bath | 1,073 SF | $489,000
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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939 E. Appleton St #8
Long Beach 90802
2 Bed | 2 Bath | 900 SF | $2,400
Discover this delightful top floor condo in the heart of Alamitos Beach. Just steps from the beach, East Village, Retro Row, and Shoreline Village, this two-bedroom, two-bathroom gem offers a cozy and inviting living space.
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7887 Lampson Ave #54
Garden Grove 92841
2 Bed | 2 Bath | 800 SF | $99,900
Beautifully updated 2 bedroom, 2 bath home in Garden Terrace Estates.
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256 Hermosa Ave
Long Beach 90802
2 Bed | 1 Bath | 780 SF | $475,000
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 | $1,878,000
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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