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Market Update: Anticipation Builds as Fed Meeting Approaches
The real estate market has been relatively quiet as we await the Federal Reserve’s next meeting on interest rates. Despite solid economic data, market optimism is high that the Federal Open Market Committee will announce a rate cut. This is already starting to boost homebuyer demand, but rising prices continue to temper overall sentiment. As rates drop further, we expect increased activity in the coming months, alongside a gradual rise in housing inventory.
Labor Market Shows Signs of Easing
Recent reports indicate that while the job market remains healthy, the labor shortage—which has fueled much of the remaining inflation—has begun to shrink. Job growth slowed slightly in August, and the gap between job openings and available workers has narrowed significantly, bringing us closer to the Federal Reserve's inflation target. This easing should help inflation continue its downward trend as we close out the year.
Interest Rates Continue to Decline
As the market looks ahead to the Fed’s meeting, bond prices have climbed, and mortgage rates are benefiting. The 30-year fixed mortgage rate held steady at 6.35% last week, with daily rates now averaging 6.27%. This marks a 100-basis point improvement from a few months ago, and VA and FHA loan rates have even dipped below 6%. While much of the rate cut may already be factored into current mortgage rates, the market should see continued benefits in the months ahead.
Housing Demand Picks Up Despite Seasonal Slowdown
Although mortgage applications and pending sales are lower compared to their peak levels from earlier this decade, they are faring better than in recent years. Pending sales saw double-digit gains in August, and September's mortgage applications are on track to surpass last year’s figures for the first time since 2021. The Central Valley led the state in housing demand last month, slightly outperforming other regions.
Homebuyer Sentiment Still Cautious
Fannie Mae’s Home Purchase Sentiment Index saw a slight improvement in August, as more consumers expected mortgage rates to decline in the coming months. However, homebuying optimism remains stalled, with only 17% of consumers believing it’s a good time to buy, unchanged from July. As rates continue to moderate and prices soften with the off-season, we hope to see more positive sentiment from potential buyers in the near future.
If you have any questions about how these trends could affect your homebuying or selling decisions, feel free to reach out!
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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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We have negotiated great terms with our contractors and they don't get paid until the work is done and the home is sold.
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3503 Marber Ave.
Long Beach 90808
3 Bed | 2 Bath | 1553 SF | $1,050,000
Impeccable South of Conant Home on a Beautiful Tree-Lined Street! This charming 3-bedroom, 2-bath home in a highly sought-after neighborhood exudes curb appeal with designer touches throughout.
OPEN HOUSE
Saturday 12 pm - 3 pm
Sunday 12 9m - 3 pm
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488 E Ocean Blvd #P9
Long Beach 90802
2 Bed | 1.5 Bath | 1447 SF | $799,900
Experience Luxury Living with Breathtaking Panoramic Views in this Rare Two-Story Penthouse! AMAZING VIEWS!! Discover unparalleled luxury in this stunning 18th & 19th-floor penthouse in the prestigious Aqua high-rise building in downtown Long Beach.
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2101 E 2nd St #205
Long Beach 90803
2 Bed | 2 Bath | 1064 SF | $689,900
Enjoy the ocean breeze in this beautiful 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, and nightlife.
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6713 E Almada St
Long Beach 90815
4 Bed | 3 Bath | 2136 SF | $1,174,900
Welcome to Your Dream Home in Los Altos! This stunning 4-bedroom, 3-bathroom, 2-story home is a rare find in the highly sought-after Los Altos community. Conveniently located near Belmont Shore, this home offers easy freeway access, making commuting a breeze. You'll be close to parks and highly rated schools, perfect for families and outdoor enthusiasts alike.
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6600 Warner Ave #182
Huntington Beach 92647
1 Bed | 1 Bath | 765 SF | $425,900
Highly sought after top floor condo at Villa Warner iin Huntington Beach! This beautiful condo offers plush carpeting, smooth ceilings, recessed lighting, large living room with sunny balcony! Villa Warner is a gated community and offers a large pool, spa, cooking area, weight room, billiards room, Extra storage, close to the Ocean, shopping & restaurants.
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1168 E 10th St #224B
Long Beach 90813
2 Bed | 2 Bath | 698 SF | $410,000
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!
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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!
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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.
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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.
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