Kitchen with Island_ Sink_ Cabinets_ and Hardwood Floors in New Luxury Home_ with View of Living Room_ Dining Room_ and Outdoor Patio

Mortgage rates began to reverse in the middle of last week, with the average 30-year fixed rate mortgage dropping back to the lowest levels in nearly two weeks. With the Fed’s preferred inflation gauge showing signs of cooling and the revised Q1 GDP suggesting a dial back in consumer spending, the bond market responded “favorably” to the cues and pushed rates down by more than 20 bps in eight business days. The moderation in rates in the last two weeks should motivate more buyers and sellers to enter the market and bump the momentum up a notch in the midst of the homebuying season.

 

Mortgage rates dipped below 7% in the latest week as the U.S. economy showed signs of slowing: The 30-year fixed-rate mortgage averaged 6.99% as of yesterday, according to data released by Freddie Mac. It’s down 4 basis points from the previous week — one basis point is equal to one hundredth of a percentage point. The average rate on the 15-year mortgage was 6.29%, down from 6.36% last week. According to Sam Khater, chief economist with Freddie Mac, "Rates are just shy of seven percent, and we expect them to modestly decline over the remainder of 2024."

 

Latest inflation data signals a cooling trend: The personal consumption expenditure price index (PCE) – the Fed’s preferred inflation measure – rose 0.3% month-over-month and 2.8% year-over-year in April. The core index, which excludes food and energy costs, increased 0.2% for the period and was in line with census expectations. While the latest report may not show much progress on the slowdown in inflation, it at least suggests that the price growth is cooling again rather than accelerating. While it will take more than a single report to convince the Fed that the economy is slowing consistently, the just-released PCE data is keeping hopes for the market that the Fed will cut rate in September.     

 

Unemployment benefits tick up but labor market remains strong: More Americans filed for unemployment benefits in the U.S., with initial claims for state unemployment benefits edging up by 3,000 to 219,000 for the week ending May 25. Despite a slight increase from the prior week, the level of new jobless claims remained consistent with the pre-pandemic level of nearly 220,000. At the state level, initial filings for unemployment benefits in California fell 760 to 39,130 from the prior week. The dip was the third straight weekly decline and the level of jobless claims at the state level dropped to the lowest point in at least the last six months. While job hiring and wage growth continue to slow and the economy will likely soften in the next few months, the labor market should remain solid in the second half of the year as inflation eases more consistently in the third and fourth quarters of 2024.   

 

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.

 

Road in California

 

Looking To Move Out Of State? 

Save Thousands for Dollars With Our

Relocation Program

 

As a top agent with the #1 brokerage in North America, I have relationships with some of the top agents all over the country. I have recently helped some clients move to Tennessee, Arizona, Nevada, Montana, Texas, Florida, and other states with the help of my KW Relocation network of local experts to help them find their next dream home. My network of agents saved them thousands of dollars and reduced the time and hassle of finding a new home in another state.

 

If you or someone you know is looking to relocate to a new city or state, contact me to tap into the power of my network of experienced agents throughout North America. 

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

 

 

Looking To Sell A Property That Needs Some Work?

Save The Time & Hassle With Our Listing Concierge!

 

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.

 

When we renovate homes, our clients receive on average a 150% return on investment!

 

We have negotiated great terms with our contractors and they don't get paid until the work is done and the home is sold.

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

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.

In Escrow

525 E Seaside Way #1508

Long Beach 90802

2 Bed | 2 Bath | 1030 SF | $759,900

 

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

Recently Sold

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 walking 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.

8738 Belmont St.

Bellflower 90706

3 Bed | 2 Bath | 1,276 SF | $720,000

 

An incredible opportunity awaits with this charming 3-bed, 2-bath single family home. Set on a spacious 7,004 sq ft lot, that beckons with endless possibilities for entertaining or even possibly adding an ADU. 

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, walking distance to 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.

Facebook  Twitter  Instagram  Linkedin  Youtube  

SEARCH HOMES FOR SALE

CONTACT ME

WHAT'S MY HOME WORTH?

Tim Majka

(562) 900-9430

www.ImagineRealty.com

 

DRE #01399855