Canal amidst houses and palm trees in the scenic Long Beach CA neighborhood

The California real estate market is starting to see a notable increase in available listings, marking the fourth consecutive month of year-over-year growth and the largest rise in 15 months. The statewide unsold inventory index (UII) held steady from the previous month for the third straight period, reflecting an overall improvement from a year ago. New listings surged for the fifth month in a row, as more homeowners opted to sell their properties. Concurrently, promising economic indicators suggest that inflation may be cooling sustainably, which could lead to moderated mortgage rates in the coming months. Should interest rates decline, we may see further enhancements in housing supply across California before the end of the home buying season.

 

More listings available on the market: The statewide unsold inventory index (UII) in May remained unchanged from the prior month for the third consecutive period but improved solidly from a year ago. Active listings at the state level rose on a year-over year basis for the fourth straight month and the increase was the largest in 15 months. Newly listed for-sale properties also increased from a year ago for the fifth consecutive month by double digits as more homeowners put their house up on the market. With recent economic reports showing some promising signs that inflation could be cooling in a more sustainable fashion for the rest of the year, mortgage rates may moderate in coming months as the daily fluctuations in yields continue. If interest rates indeed decline in the short term, further improvement in housing supply could be observed in California before the end of the home buying season. 

 

Housing starts fall sharply as mortgage rates remain volatile: The U.S. Census Bureau reported a seasonally adjusted annual rate of 1.28 million units of housing starts in May, a drop of 5.5% from April and a sharp decline of 19.3% from May 2023. Last month’s decline in construction activity was due primarily to a sizable decrease in new multifamily development, as multifamily starts fell 10.3% from the prior month and plummeted 51.7% from 12 months ago. Single-family starts also declined both on a month-over-month and on a year-over-year basis, but at more moderate paces of -5.2% and -1.7% respectively. The slight yearly adjustment, despite being relatively small, was nonetheless the first dip in single-family housing starts since June 2023. 

 

California median home price sets another record-high: California home prices climbed further in May, with the statewide median up 0.4% from April and recorded a strong year-over-year gain of 8.7% from the same month of last year. The median price of $908,040 recorded last month was a new high for the state, and the solid increase from last May was the eleventh straight month of annual price gain for California. Stronger sales in higher-priced properties continued to contribute to median price growth, with million-dollar home sales rising more rapidly than their more affordable counterparts in the state. Based on historical data going back to 1979, California median price typically increases 0.9% from May to June, 0.4% from June to July, and 1.2% from July to August. As such, the statewide median price could potentially set more new records before the summer ends.

 

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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For Sale

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!

Coming Soon

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.

Recently Sold

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