The 30-year-fixed-rate mortgage remained flat this week, averaging 6.62%, relatively the same as last week’s decline to 6.61%, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac. 

This week’s numbers: 

• The 30-year FRM averaged 6.62 percent as of January 4, 2024, up slightly from last week when it averaged 6.61 percent. A year ago at this time, the 30-year FRM averaged 6.48 percent. 

• The 15-year FRM averaged 5.89 percent, down from last week when it averaged 5.93 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent.

What the experts are saying:

“Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, since then rates have moved sideways as the market digests incoming economic data,” said Sam Khater, Freddie Mac’s chief economist. “Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, we expect mortgage rates will continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.”

Realtor.com Senior Economic Research Analyst Hannah Jones commented: “The Freddie Mac fixed rate for a 30-year loan leveled off this week, increasing just 1 basis point to 6.62% as the new year began and markets adjusted to incoming economic data. The recent mortgage rate plummet past 7% is likely to bring some buyers into the market. Per a recent Realtor.com survey, 11% of prospective buyers say rates would need to dip below this threshold to make it feasible for them to purchase their next home. Though the recent decline in rates has inspired optimism, 12% of prospective homebuyers say rates would need to dip below 6% and more than one-quarter (28%) say rates would need to dip below 4% to bring them into the market. The typical outstanding mortgage has a rate of less than 4%, more than 2.5 percentage points below today’s rate. This gap is likely to keep many sellers on the sidelines, waiting for mortgage rates to come down further. 

“Pending home sales leveled off in November, matching the previous month’s record-low level. Mortgage rates fell each week in November, but remained above 7% throughout the month, which kept contract signings stable at a low level. Moving forward, the continued decline in mortgage rates will be contingent on cooling inflation and employment data. The current path of falling inflation and employment activity suggests that the Fed’s goal of a ‘soft landing’ may be within reach. Though 2% inflation has not yet been achieved, progress towards this level is good news for the housing market,” Jones concluded. 

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.

Hope you are having a great New Year! 

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In Escrow

2174 Stanbridge Ave 

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $949,900

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. 

5417 Bonfair Ave 

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood. 

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

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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Tim Majka

(562) 900-9430

www.ImagineRealty.com

DRE #01399855

The Federal Reserve's forecast brought some needed relief for mortgage rates causing them to drop for the 7th week in a row to 6.82% yesterday, the lowest since May.

While the Fed kept its benchmark rate unchanged on Wednesday, its Summary of Economic Projections nodded to the potential for as many as three rate cuts next year. Daily rates on the 30-year fixed mortgage dipped to 6.82% on Thursday, according to Mortgage News Daily, the lowest since May.

The fed funds rate does not entirely determine mortgage rates—other factors include mortgage demand, inflation, and general economic conditions—but it does help influence them up or down. Mortgage rates on the most popular home loan haven't moved below 7% since July, and the housing market seems to be cheering on Jerome Powell and the central bank's guidance. 

As recently as October, mortgage rates hit 8% for the first time since 2000. Now, based on Wednesday's decision and market reaction, the Fed appears on track to help ease housing affordability after two years of tough markets dynamic that both potential buyers and current owners have had to navigate.  

Current homeowners who have been reluctant to move because of high mortgage rates could be unshackled, bringing more homes on the market for potential buyers. 

Yet it is still possible a sharp drop in mortgage rates throws the housing market further out of whack in the near term, with lower rates opening the gates to a flood of demand before more supply comes online. 

"If rates come down too much — and mortgage rates follow — we'll see the current supply-demand imbalance exacerbated as pent-up demand gets released into an undersupplied market, putting upward pressure on home values – and inflation," Jack Macdowell, chief investment officer at Palisades Group, wrote in a note Wednesday. 

"Until mortgage rates drop below 6%, it is unlikely that pent-up deferred sales will meaningfully contribute to supply," Macdowell added.

Strategists at Goldman Sachs, meanwhile, wrote in a note prior to the Fed meeting Wednesday that housing starts and home prices will crawl higher in the coming years, while existing home sales will remain flat. - Article provided by Business Insider

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.

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. 

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For Sale

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,650,000

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. Starting at $2,650,000, based on options and interest.

In Escrow

2174 Stanbridge Ave 

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $949,900

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!

5417 Bonfair Ave 

Lakewood 90712

4 Bed | 2 Bath | 1,746 SF | $950,000

Welcome to this recently updated 4 bedroom, 2 bath two story home located in the heart of Lakewood. 

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

930 E 1st St. #2

Long Beach 90802

1 Bed | 1 Bath | 557 SF | $283,000

Charming top floor, one-bedroom, one-bath gem just steps from the beach in the vibrant heart of Alamitos Beach! This exceptional upper-level, corner unit offers an ideal opportunity for home buyers, savvy investors, or those seeking a beachside retreat. 

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

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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WHAT'S MY HOME WORTH?

Tim Majka

(562) 900-9430

www.ImagineRealty.com

DRE #01399855

The housing market received some encouraging news this past week as the Federal Housing Agency announced an increase in conforming loan limits in 2024, while interest rates declined this week for the sixth consecutive week. Tight supply and high cost of borrowing are the two primary factors that slowed the housing market this year. With loan limits rising and mortgage rates declining, more people should be able to afford to buy a home, and the market should begin to turn around in the first quarter of next year. In the meantime, an improvement in consumer confidence last month is a welcome sign that suggests the economy is doing fine as the Fed continues to engineer a soft-landing scenario. A recession is still expected by many as we are about to enter 2024, but a mild one is what most people anticipate in the upcoming year.

Conforming loan limits up for 2024: To keep up with higher home prices, the maximum baseline conforming loan limit for one-unit properties will increase 5.6% to $766,550 in 2024 from $726,200 in 2023, the Federal Housing Finance Agency (FHFA) announced last week. For high-cost states like California and New York, higher loan limits will also be adjusted with the new ceiling being raised to $1,149,825 next year from $1,089,300 this year. The conforming loan limit determines the maximum size of a mortgage that Fannie Mae and Freddie Mac can buy or “guarantee.” As conforming loans typically have lower interest rates than non-conforming loans, the increase in the limits next year should benefit many California homebuyers, especially since home prices are expected to grow moderately in 2024. 

Mortgage rates at lowest level in eleven weeks: Mortgage rates fell for the sixth consecutive week as the U.S. economy slowed in recent weeks while inflation showed further signs of cooling. The average 30-year fixed rate mortgage reported by Freddie Mac dropped another nineteen basis points (bps) to 7.03% yesterday from the prior week and reached the lowest level since mid-September. Meanwhile, mortgage applications for the week ending November 24 inched up 0.3% from the prior week as lower rates stimulated demand, according to Mortgage Bankers Association. The number of purchase applications (seasonally adjusted) was 5% higher than one week earlier but was below the same week of last year’s level by nearly 20%. While mortgage demand is still below the historical norm, the increase observed in the past month is encouraging and the market will hopefully continue to bounce back in the final month of the year. 

Consumers feel slightly more upbeat in November: Consumer confidence bounced back after dropping three months in a row and remained near its recent low. The Conference Board’s index increased in November to 102.0 from a revised 99.1 in October, but the latest monthly figure was still the second-lowest reading of the year. Consumers, in general, were more positive last month with 19.8% of them saying business conditions were good, a slight increase from 18.3% in October. Their overall expectation on the short-term outlook was also less pessimistic, as 19.5% expected business conditions to get worse in the next six months, down from 20.9% in October. Recession expectations over the next 12 months also receded to the lowest levels seen in 2023, but two-thirds of the respondents still anticipated a downturn. Buying plans in the next six months for big-ticket items - including homes - trended down last month, reflecting persistent concerns about elevated interest rates and shrinking Americans’ savings. 

Construction spending continues to rise in October: Construction spending improved for the tenth consecutive month in October, with total outlays rising 0.6% month-over-month in October. Total residential construction increased 1.2% from September and registered the fifth straight month with a gain at the start of the fourth quarter. Compared to the same month of last year, residential outlays were up 0.9%, and recorded the first year-over-year improvement since November 2022. Tight inventory in the existing housing market continued to propel residential construction, with spending on single-family climbing 1.1% month-over-month and posting its sixth consecutive increase in October. Multifamily outlays, on the other hand, dipped again for the second straight month as builders pulled back on new starts due to the anticipation of an abundance in supply in coming months. Commercial construction remained weak in October as macroeconomic headwinds intensified and new development lending continued to be restrictive.

If you would like to discuss if now is a good time for you to buy, sell, or invest in a home or investment property, please feel free to contact me.

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. 

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For Sale

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,650,000

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. Starting at $2,750,000, based on options and interest.

2174 Stanbridge Ave 

Long Beach 90815

3 Bed | 2 Bath | 1,489 SF | $949,900

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!

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.

930 E 1st St. #2

Long Beach 90802

1 Bed | 1 Bath | 557 SF | $283,000

Charming top floor, one-bedroom, one-bath gem just steps from the beach in the vibrant heart of Alamitos Beach! This exceptional upper-level, corner unit offers an ideal opportunity for home buyers, savvy investors, or those seeking a beachside retreat. 

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

1669 E 65th St.

Long Beach 90805

2 Bed | 2 Bath | 1,023 SF | $635,000

Charming Spanish style home with large living room with ample windows allowing plenty of natural Light, original hardwood floors, updated kitchen, central heat and AC, and a permitted rumpus Room with ADU potential.

4200 Via Norte

Cypress 90630

4 Bed | 3 Bath | 2,915 SF | $1,470,000

This luxurious 4-bed/3-bath Cypress home was expertly upgraded from the inside - out! No stone was left unturned in the vigorous pursuit of redesigning and upgrading this nearly 3,000 sqft Greenbrook home.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

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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Tim Majka

(562) 900-9430

www.ImagineRealty.com

DRE #01399855

Mortgage rates continue their upward climb as daily rates top 8% this week. This comes as the bond market continues to price in “higher-for-longer” and rates for 10-year notes are quickly approaching 5% after remaining relatively flat through the first half of this year. Despite this, consumers remain a driving force of growth in the U.S. economy and this was reflected in last month’s labor market statistics for California that kept leisure and hospitality at the fore. Housing supply remains depressed and this is behind slower home sales in California, but despite the impacts to buyer demand as rates increase, home prices logged their third consecutive year-to-year increase last month.

Benefits of homeownership still alive and well: The Federal Reserve released its 2022 Survey of Consumer Finance report last week, which showed that homeowners continue to account for the majority of wealth accumulation in the U.S. Last year, the typical, inflation adjusted, net worth for a U.S. household rose to $192,900. However, broken down by housing tenure shows that homeowner wealth reached a median of $396,200 last year, while median net worth for renters was just $10,400. This is only $1,000 higher than the previous all-time high set back in 1995 and demonstrates that renting continues to disappoint when it comes to generating wealth and highlights why owning a home is a wise long-term financial move.

Consumers remain undaunted by rates or debt levels: Despite the fact that credit card debt has risen by nearly $150 billion compared with pre-pandemic levels, retail sales rose again in September as consumers continue their assault on the services sector. Although some of this credit card debt has begun to grow delinquent, spending at bars, hotels, and restaurants remain strong. Even after netting out above-average inflation levels for the past year, real retail sales remain more than 10% above spending levels from January 2020.Given that consumers represent nearly 70% of U.S. gross domestic product (GDP), this suggests that 3rdquarter economic growth could come in much stronger than originally forecast, which will prevent the Federal Reserve from considering any potential rate cuts until next year.

Housing starts up for now, but not many single-family homes: Housing inventory remains the limiting factor on rebounding home sales, which is why last week’s updated housing starts for September were a source of hope against a backdrop of otherwise challenging market news. The number of new residential housing starts rose to a 1.4 million unit pace last month. This is still likely below the level needed to meet demand given the lackluster numbers of the previous two years, but encouraging that new projects are moving forward despite the recent increase in mortgage rates. However, much of the activity was concentrated in multi-family building and the sustainability of the uptick has yet to be proven.

Rates continue to rise as bond market prices in “Higher for longer”: Daily averages for 30-year, fixed-rate mortgages have broken the 8% threshold this week as the bond market digests and accepts the Federal Reserve’s promise to keep rates higher for longer than originally anticipated. The current rate on a 10-year Treasury is quickly approaching 5% despite recent comments from the Fed Chairman that they are unlikely to raise rates before the end of the year and a flight to the safe haven of U.S. Treasuries as the conflict in the Middle East threatens to impact oil supplies. Although this means that the yield curve, which measures the spread between short- and long-term Treasuries and is typically a consistent indicator of future recession, is less inverted, it has come at the cost of higher mortgage rates that are increasingly likely to remain elevated through the end of the year.

California market trends down as rates rise: California’s housing inventory remains very tight, even by the standards of the past few years. However, the recent rise in rates in also having a more pronounced effect on homebuyer demand than it has up to this point in the recovery. Home sales trended back down to roughly 240,000 units last month. This is still slightly above the low-point reached back in November 2022, when sales fell to 235,000 units, but underscores that the return to more ‘normal’ levels of transactions will be a gradual process of fits and starts. Home prices are still on the uptick, and despite dipping slightly from August for seasonal reasons, the median closed price of an existing single-family home in California rose for its 3rd consecutive month on a year to year basis.

If you would like to discuss if now is a good time for you to buy, sell, or invest in a home or investment property, please feel free to contact me.

Hope you have a great Halloween!

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. 

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HOME SEARCH 

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For Sale

436 N Bellflower Blvd #104

Long Beach 90814

1 Bed | 1 Bath | 693 SF | $475,000

Resort living in the heart of Long Beach. Stoneybrook is a highly desirable Gated Community. Walking distance to shopping, restaurants, Cal State Long Beach, the VA Medical Center and the Colorado Lagoon.

In Escrow

930 E 1st St. #2

Long Beach 90802

1 Bed | 1 Bath | 557 SF | $299,900

Charming top floor, one-bedroom, one-bath gem just steps from the beach in the vibrant heart of Alamitos Beach! This exceptional upper-level, corner unit offers an ideal opportunity for home buyers, savvy investors, or those seeking a beachside retreat. 

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $900,000

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience with seamless tri-fold sliding doors. 

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,750,000

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. Starting at $2,750,000, based on options and interest.

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $780,000

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

1669 E 65th St.

Long Beach 90805

2 Bed | 2 Bath | 1,023 SF | $635,000

Charming Spanish style home with large living room with ample windows allowing plenty of natural Light, original hardwood floors, updated kitchen, central heat and AC, and a permitted rumpus Room with ADU potential.

4200 Via Norte

Cypress 90630

4 Bed | 3 Bath | 2,915 SF | $1,470,000

This luxurious 4-bed/3-bath Cypress home was expertly upgraded from the inside - out! No stone was left unturned in the vigorous pursuit of redesigning and upgrading this nearly 3,000 sqft Greenbrook home.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. Situated on a generous 9,576 SF lot, there's plenty of space to potentially add an ADU. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room. The spacious 8,904 SF lot provides ample room for expansion, including the possible potential to add an ADU.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

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. 

985 S. Idaho Ave. #60

La Habra 90631

2 Bed+Den | 2 Bath | 1,073 SF | $505,000

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.

211 Saint Joseph

Long Beach 90803

3 Bed | 2 Bath | 1,057 SF | $1,299,000

Welcome to this charming Belmont Shore home located just 4 blocks to the beach! Enjoy the open concept floor plan, granite countertops, hardwood flooring, and a serene primary suite with a spa-like bathroom. Don't miss this opportunity for coastal living at its finest!

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Tim Majka

(562) 900-9430

Tim@ImagineRealty.com

www.ImagineRealty.com

DRE#01399855

High interest rates, the resumption of student loan payments, and rising gas prices are a few items that have kept consumer confidence down in the last couple of months. On the other hand, an improving inflation outlook and a still-solid labor market are some positives that should help the economy and the housing market weather the headwinds in the fourth quarter and carry them to a better 2024 once rates start coming down.

Inflation outlook brightens but rates remain elevated: The annual increase in prices, excluding food and energy, came in at 3.9% in August, the first time it dropped below 4% since June 2021. The core PCE price index – the Fed’s preferred inflation gauge – rose less than expected and had the smallest growth pace month-over-month since November 2020. While it is encouraging to see a cooling trend in overall prices, the optimism has not quite carried over to the mortgage finance arena. The average 30-year fixed rate mortgage went down 16 bps last Friday after the release of the inflation news but surged back up by 17 bps on the following Monday. More solid evidence of an economic slowdown will need to be seen before rates start coming down meaningfully. Also, rising oil prices heading into the fourth quarter could keep the overall inflation high in September and October. Relief, however, could be on its way to California, as an early switch to the cheaper winter-blend of fuel has been approved by the California Air Resources Board last Thursday.   

Consumer confidence slips again as anxiety about the future grows: Rising gasoline prices and high interest rates weighed down consumers’ confidence last month, as the Conference Board’s Index fell to a four-month low. The drop of 5.7 points in the index was the biggest monthly decrease since December 2020. While the present situation component of the index inched up in Septembers, the sharp decline of 10 points from 83.3 in August to 73.7 in September suggest that Americans were concerned about their short-term outlook. The looming threat of a government shutdown, the resumption of student loan payments, and higher prices in groceries and gasoline were contributing factors to lower confidence reading in the past couple of months. Consumers are also growing more worried about the labor market, as those who reported jobs as hard to get inched up 4bps to 13.6% in September. The dip in confidence in recent months could translate into spending declines and slower economic growth in Q4 if the trend continues. 

New home sales drop to 5-month lows: August sales of newly constructed single-family homes pulled back as rising mortgage rates began to weigh on new housing demand. New home sales declined 8.7% in August from July’s 739,000 units but increased 5.8% from 638,000 units recorded in August 2022. Home prices dipped slightly from 12 months ago, with last month’s median registering $430,300, a drop of $10,000 from a year ago. The dip in price of new home sales was due partly to builders using price cuts as incentives to reinvigorate buyer interest as mortgage rates continued to climb. The recent surge in rates is adding more stress to buyers and begins to take the momentum out of new housing demand. Elevated costs of borrowing may continue to slow sales in September and October as market indicators showed a decline in buyer traffic in both August and September.

Construction spending continues to trend up: Despite a pullback in new home sales, construction activity remained resilient in August. Total construction spending improved again for the eighth consecutive month with a year-over-year gain of 7.4%. Overall, residential construction outlays climbed again by 0.6% on a month-over-month basis but dipped below last year’s level by 3%. Single-family housing starts inched up solidly from July as developers remained cautiously optimistic about new housing demand in the future, despite the high mortgage rate environment in the near term. Multifamily projects, on the other hand, appeared to be slowing down and could be leveling off as multifamily construction spending inched up a more modest 0.6% from July. High financing costs and a flood of apartment units set to be delivered in coming years is likely the primary reason for the moderation in construction activity in this area. 

If you would like to discuss if now is a good time for you to buy, sell, or invest in a home or investment property, please feel free to contact me.

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For Sale

251 Elm Ave. 

Long Beach 90802

2 Bed+Den | 3.5 Bath | 1,750 SF | $900,000

OPEN HOUSE 

Saturday 12:00-3:00 pm

This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience with seamless tri-fold sliding doors. 

4200 Via Norte

Cypress 90630

4 Bed | 3 Bath | 2,915 SF | $1,450,000

This luxurious 4-bed/3-bath Cypress home was expertly upgraded from the inside - out! No stone was left unturned in the vigorous pursuit of redesigning and upgrading this nearly 3,000 sqft Greenbrook home.

436 N Bellflower Blvd #104

Long Beach 90814

1 Bed | 1 Bath | 693 SF | $475,000

Resort living in the heart of Long Beach. Stoneybrook is a highly desirable Gated Community. Walking distance to shopping, restaurants, Cal State Long Beach, the VA Medical Center and the Colorado Lagoon.

In Escrow

2059 W 160th St. 

Torrance 90504

2 Bed | 1 Bath | 837 SF | $779,900

Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.

807 Delaware St

Huntington Beach 92648

4 Bed | 5 Bath | 3,237 SF | $2,750,000

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. Starting at $2,750,000, based on options and interest.

1669 E 65th St.

Long Beach 90805

2 Bed | 2 Bath | 1,023 SF | $635,000

Charming Spanish style home with large living room with ample windows allowing plenty of natural Light, original hardwood floors, updated kitchen, central heat and AC, and a permitted rumpus Room with ADU potential.

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,225,000

Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard. Situated on a generous 9,576 SF lot, there's plenty of space to potentially add an ADU. 

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $955,000

Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room. The spacious 8,904 SF lot provides ample room for expansion, including the possible potential to add an ADU.

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,175,000

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. 

985 S. Idaho Ave. #60

La Habra 90631

2 Bed+Den | 2 Bath | 1,073 SF | $505,000

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.

211 Saint Joseph

Long Beach 90803

3 Bed | 2 Bath | 1,057 SF | $1,299,000

Welcome to this charming Belmont Shore home located just 4 blocks to the beach! Enjoy the open concept floor plan, granite countertops, hardwood flooring, and a serene primary suite with a spa-like bathroom. Don't miss this opportunity for coastal living at its finest!

5528 Pearce Ave. 

Lakewood 90712

3 Bed | 2 Bath | 1,592 SF | $845,000

The "Honey Due" list has already been done for you; all you have to do is move in and start enjoying this 3-bedroom 2 bath Lakewood home. Open concept kitchen with newer cabinets, stainless steel appliances and granite countertops. 

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Tim Majka

(562) 900-9430

Tim@ImagineRealty.com

www.ImagineRealty.com

DRE#01399855