The labor market continues to shrug off various headwinds and record solid gains. Fears of recession have faded somewhat, although the tight labor market may also keep inflation stubbornly high and prevent the Fed from taking their foot off the gas on interest rates. In addition, the Treasury market suggests that there will be little relief for interest rates over the short-run as 2- and 10-year yields continue their upward trend. Mortgage rates have topped 7% again after a modest reprieve during April and May. Mortgage applications reflect these headwinds, but much like home sales, home purchase sentiment remains above the lows hit late last year and California is expected to see closed transactions remain solid in the June and July data.

Job growth remains healthy, but may suggests persistent inflation: Despite ongoing pessimism, the U.S. economy continues to produce net gains in employment at relatively strong levels. June’s employment report showed a 209,000 increase in nonfarm payrolls while the household survey showed a decline in unemployment to 3.6% despite 133,000 net new entrants to the workforce last month. Many of the gains were in Healthcare, but Manufacturing, Construction, Tourism, and Government also saw an increase. The reduction in employment at Temporary Help Service firms could suggest slower growth ahead, but all signs point to a labor market that is, thus far, resisting the headwinds.

Rates top 7% again as Treasury prices fall, but spread absorbing some: The weekly Freddie Mac estimates for the average 30-year fixed rate mortgage rose to 6.81% last week as the 10-year Treasury saw yields rise above 4%. In addition, the daily rates show the average 30-year interest rate climbing to 7.14%, which is nearing its highest level it has reached since the Fed began raising interest rates last year. The bond market suggests Treasuries may continue to rise, so mortgage rates may be higher in the coming months. Fortunately, mortgage rate spreads above Treasury rates, which have been running abnormally high, have absorbed some of the recent increase –dropping from 313 bps in May to 286 last week. Normal spreads are in the 200 bps range, so falling bond prices won’t translate 1:1 into higher mortgage rates.

Home purchase sentiment holding steady in June: Despite relatively weak mortgage applications compared with other “Junes,” Fannie Mae’s monthly survey of Home Purchase Sentiment showed that homebuyers remain resilient in the face of higher rates and tight inventory. The overall index rose 0.4 points, but homebuyers are not particularly optimistic. More than 50% of respondents last month thought it was a “bad time to buy” a home, citing high prices and limited supply. However, the percentage of buyers expecting prices to fall has dipped, so motivation may increase as the prospect of higher interest rates and higher prices become more apparent. 

Mortgage applications rose heading into holiday weekend: The mortgage purchase applications index rose for the week ending June 30th. And although applications remain down compared with the same week of the previous year, the pace of decline has slowed from a 46% last November to 22% last week. However, new mortgage applications follow a predictable seasonal pattern and have likely peaked for the year meaning that, although home sales have rebounded from the bottom hit last winter, demand is not expected to gain momentum in the fall. In fact, for the month as a whole, June applications were at a lower level than other Junes going back to 1995.

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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For Sale

781 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 2,067 SF | $1,200,000

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. 

For Rent

525 E Seaside Way #402

Long Beach 90802

1 Bed | 1 Bath | 622 SF | $2,650

Beautiful luxury high-rise condo at Harbor Place Tower in the heart of downtown Long Beach. Walking distance to the beach, Aquarium, convention center, the Pike, Pine Ave restaurants, nightlife and so much more!

In Escrow

773 W 30th St

San Pedro 90731

3 Bed | 2 Bath | 1,040 SF | $875,000

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 | $1,200,000

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 | $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.

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!

7887 Lampson Ave #54

Garden Grove 92841

2 Bed | 2 Bath | 800 SF | $103,259

Beautifully updated 2 bedroom, 2 bath home in Garden Terrace Estates.

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. 

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. 

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! 

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.

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. 

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. 

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. 

939 Appleton 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.

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!

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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The Federal Reserve met last week and decided to pause rate hikes in their latest FOMC meeting. While the Committee held the fed funds rate steady this time around, Fed Chairman Powell suggested that they are prepared to raise rates a couple more times, or another 50 bps, this year to tame stubborn inflation. Next year, Fed officials see interest rates falling by 100 basis points as economic growth slows further. This is the first time since January 2022 that the Fed made no rate change following a policy meeting. Before the Fed’s announcement, the bond market generally priced in one more 25bps rate increase by the end of 2023. Interest rates have been moving sideways since the announcement but will stay elevated longer than what the market previously anticipated.  

California housing market back on the upswing: The state housing market bounced back in May after sales dipped back-to-back in March and April. Sales of existing homes in California surged nearly 10% monthly and recorded the highest level in eight months. Mortgage rates reaching the lowest point in two months in early and mid-April might have prompted homebuyers to open escrows then and led to many of these transactions being closed in May. Despite the month-to-month gain, home sales continued to decline by double-digits from the same month of last year. The year-over-year drop in sales was relatively mild compared to recent months and was the lowest yearly decline since June 2022. Through the end of May, sales have declined on a year-to-date basis by 35.1%.

Inflation continues to cool Rates flat after Fed pauses rate hikes: After the initial increase in the run-up to the debt ceiling debate, rates have hovered in the high-6% range and remained there in the wake of the Fed’s decision not to raise their target interest rate at their June FOMC meeting. The weekly Freddie Mac 30-year fixed rate mortgage averaged 6.7% for the week ending June 11th. That is only 2 basis points different from the previous week, and Mortgage News Daily shows average rates at 6.95% at the time of this writing—essentially unchanged from the previous week. However, 10-year Treasuries have begun to rise, so it is possible that mortgage rates will go back above 7%. And with the Fed signaling as many as 2 more rate hikes this year, the return to sub-6% rates is likely to take long than many initially expected.

Mortgage applications probably past seasonal peak: New mortgage purchase applications rose 17% last week, reversing 6 consecutive weekly declines. In addition, the year-to-year declines have begun to slow as applications were down 27% from 2022 levels after averaging 35-40% annual declines for most of the past 6 months. Still, new purchase applications remain relatively depressed, both compared to the pandemic highs as well as much of the pre-pandemic years. And although the limiting factor for homeownership in California currently remains extremely tight inventory, the lackluster buyer demand figures illustrate how rates have impacted purchasing power as well.

California job growth decelerates, but still adding jobs: Although the rate of growth has been slowing in California, the Golden State continue to add jobs in May. Employers added a net of 40,000 new jobs in May after a revised 70,000 increase in April. This puts the year-to-year gains at 2.4%, which is well below the average of 6.4% that persisted during the ‘reopening’ phase of this business cycle. The unemployment rate held steady at 4.5% as signs that the labor shortage continues to thaw slowly. The state’s labor force expanded by more than 25,000 workers last month—most re-entering as unemployed, which prevented the unemployment rate from falling despite a total employment jump of nearly 10,000 in the EDD’s monthly unemployment survey.

Labor force participation rate remains depressed after early retirements: Despite participation having either nearly or fully recovered to pre-pandemic levels for workers aged 54 and under, the participation rate remains depressed for workers aged 55 and above. During the pandemic, home prices rose dramatically and many long-term homeowners sold their homes and moved closer to family or to desirable destinations and retiring early. This has led to a shortfall in available workers, particularly those with extensive experience, to replace those roles and has kept the labor shortage from shrinking more quickly. It has also caused wages to grow more quickly than they have for much of the past decade, which is one factor keeping inflation from falling faster as well.

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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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.

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For Sale

1007 Catalina Ave #108

Redondo Beach 90277

2 Bed | 2 Bath | 1,181 SF | $1,200,000

OPEN HOUSE 

SATURDAY & SUNDAY 1 - 4pm

Welcome to Your Dream Beach Home! A Stunning 2 story, 2 bedroom, 2 bath condo located half a block to the beach. 

In Escrow

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! 

985 S. Idaho Ave. #60

La 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.

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.

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. 

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. 

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! 

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.

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. 

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. 

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. 

939 Appleton 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.

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!

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. 

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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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.

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

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.

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.

For Rent

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.

In Escrow

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.

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. 

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! 

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.

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. 

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. 

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. 

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

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!

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. 

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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We have some exciting news to share about the current state of the housing market:

Home Purchase Sentiment Soars: According to the Fannie Mae Home Purchase Sentiment Index® (HPSI), consumer optimism regarding mortgage rates has increased significantly. In April, the HPSI reached its highest level since May 2022, jumping 5.5 points to 66.8. All six components of the index experienced month-over-month growth, including the one associated with consumers' expectations on mortgage rates. While almost half of respondents anticipated mortgage rates to rise, an encouraging 22% of them expect rates to go down. However, due to elevated borrowing costs and affordability challenges, only 23% of respondents felt it was a good time to buy a home.

Decline in Mortgage Delinquency Rates: Great news! The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased in the first quarter of 2023. This decline marked the lowest level for any Q1 since tracking began in 1979. The rate stood at a seasonally adjusted 3.56% of all outstanding loans, showing significant improvement. The positive trend was observed across all loan types (FHA, VA, and conventional) and in all states. The robust job market has played a significant role in this improvement as mortgage delinquencies typically correlate with unemployment.

Gradual Easing of Consumer Prices: Although consumer prices remain elevated, there are signs of gradual easing. In April, the Consumer Price Index (CPI) increased by 0.4%, resulting in a 4.9% increase over the past 12 months. When excluding food and energy, the core CPI rose 0.4% in the month and 5.5% over the year. Notably, shelter costs rose by 7.5% over the last year, making it the primary contributor to the overall monthly increase. Recent months have seen a cooling of inflation despite the overall increases, and softer readings for energy and food inflation have even helped push the year-over-year headline CPI inflation below 5% for the first time in two years. This provides some encouraging news that the Federal Reserve's pause on rate hikes may be on the horizon.

We hope this information gives you valuable insights into the current housing market trends. If you have any questions or would like to discuss further, please don't hesitate to reach out.

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

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-Bedroom Condo located 1 block to the beach. 

Open House 

Saturday & Sunday 

1 - 4pm

985 S. Idaho Ave. #60

La Habra 90631

2 Bed+Den | 2 Bath | 1,073 SF | $489,000

New on the market! 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.

2217 Westwind Way

Signal Hill 90755

4 Bed | 4 Bath | 3,516 SF | $2,495,000

Stunning panoramic views from this custom hilltop home, nestled at the end of the cul-de-sac on a double corner lot. Amazing city and ocean views from Newport Beach to the skyscrapers of downtown LA.

7887 Lampson Ave #54

Garden Grove 92841

2 Bed | 2 Bath | 800 SF | $110,000

Beautifully updated 2 bedroom, 2 bath home in Garden Terrace Estates.

5250 E. Lomita Ave., 

Orange 92869

32,924 SF of Residential Land | $650,000

Located on a private street with custom homes, this 32,924 SqFt lot comes with plans for a 5000+ SqFt custom home featuring amazing views.  

In Escrow

256 Hermosa Ave

Long Beach 90802

2 Bed | 1 Bath | 780 SF | $479,000

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. 

199 Prospect Ave

Long Beach 90803

5 Bed | 3 Bath | 2,557 SF | $1,895,000

Stunning 4 bedroom, 2 bathroom Belmont Heights Tudor with a nicely-sized Guest Quarters/Rental Unit/Home Office above the 2-car garage! 

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.

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. 

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. 

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. 

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

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!

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. 

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.

17141 Harvest Ave.,

Cerritos 90703

5 Bed | 3 Bath | 2,739 SF | $1,275,000

Welcome Home! Located in the highly sought-after area of Cerritos, this impeccable two-story home occupies is move-in ready

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Federal Reserve raises rates: The Federal Reserve approved its 10th interest rate increase in just a little over a year and dropped a tentative hint that the current tightening cycle is at an end. The widely expected decision, which takes the fed funds rate to a target range of 5%-5.25%, was unanimous. The post-meeting statement omitted a sentence present in the central bank’s March comments saying that “the Committee anticipates that some additional policy firming may be appropriate” for the Fed to achieve its 2% inflation goal. Financial markets are anticipating that slower growth and the possibility of recession will force the Fed to cut rates later this year.

New home sales surge in March: Sales of new homes increased 9.6% from February to an annual pace of 683K as buyers turned to new construction amid low resale inventory. Although February’s sales gain was revised down to a 3.9% decline, March was the third increase in the last four months and the highest sales pace recorded in 11 months. The strong increase in sales made a dent in the months of supply of new homes, which dropped from 8.4 months in February to 7.6 months in March. It also resulted in greater competition and modest price gains. The median price for new homes rose 3.8% over the month and 3.2% over the same month of last year. Despite demand showing resilience in recent months, new home sales continued to run below their pace one year ago as interest rates remained elevated. 

Consumer confidence falls as expectations about the future become uncertain: Consumer confidence dipped to a six-month low in April as growing concerns about the future and the stability of the banking system weigh on their sentiment. According to the Conference Board, the Consumer Confidence Index fell to 101.3 in April driven by a steep drop in the expectations component, which tumbled to 68.1 – the lowest reading since July. The drop in the forward-looking measure, triggered by fears of what lays ahead, could be a sign of pull-back on consumer spending in the near future. Meanwhile, the present situation index rose slightly to 151.1 during the same month, as consumers remained upbeat about both the labor market and business conditions. 

U.S. economy continues to expand, albeit at a relative sluggish pace: Real GDP grew 1.1% at an annualized rate in Q1-2023 relative to the previous quarter. This was a step back from the 2.6% growth rate during the last quarter of 2022. The economic growth in the first quarter of 2023 was driven largely by a solid increase of 3.7% in real spending. Monthly data, however, shows that consumer spending might have lost momentum towards the end of the quarter, as retail sales activity dropped off significantly following January’s strong surge. Businesses also pulled back sharply in the first quarter, with inventories being drawn down, equipment purchases being cut, and residential investment being reduced. 

If you would like to discuss today's market and whether now is a good time for you to buy or sell, give me a call at (562) 900-9430.

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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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Coming Soon

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-Bedroom Condo located 1 block to the beach! Coming soon! 

For Sale

2217 Westwind Way

Signal Hill 90755

4 Bed | 4 Bath | 3,516 SF | $2,495,000

Stunning panoramic views from this custom hilltop home, nestled at the end of the cul-de-sac on a double corner lot. Amazing city and ocean views from Newport Beach to the skyscrapers of downtown LA.

7887 Lampson Ave #54

Garden Grove 92841

2 Bed | 2 Bath | 800 SF | $110,000

Beautifully updated 2 bedroom, 2 bath home in Garden Terrace Estates.

5250 E. Lomita Ave., 

Orange 92869

32,924 SF of Residential Land | $650,000

Located on a private street with custom homes, this 32,924 SqFt lot comes with plans for a 5000+ SqFt custom home featuring amazing views.  

For Rent

1329 E. 1st St #16

Long Beach 90802

2 Bed | 2 Bath | 959 SF | $2,500

Looking for the perfect beachside home? Look no further than this beautiful two-bedroom, two-bathroom condo located in the heart of Alamitos Beach! 

In Escrow

985 S. Idaho Ave. #60

La Habra 90631

2 Bed+Den | 2 Bath | 1,073 SF | $489,000

New on the market! 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.

256 Hermosa Ave

Long Beach 90802

2 Bed | 1 Bath | 780 SF | $479,000

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. 

199 Prospect Ave

Long Beach 90803

5 Bed | 3 Bath | 2,557 SF | $1,895,000

Stunning 4 bedroom, 2 bathroom Belmont Heights Tudor with a nicely-sized Guest Quarters/Rental Unit/Home Office above the 2-car garage! 

100 W. Louise St.

Long Beach 90805

3 Bed | 2 Bath | 1,031 SF | $500,000

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. 

5221 E Patterson St.,

Long Beach 90815

4 Bed | 2 Bath | 1,627 SF | $850,000

Wonderful home in the Stratford Square area of Long Beach. Lovely neighborhood known for its award winning schools. 

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. 

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

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!

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. 

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.

17141 Harvest Ave.,

Cerritos 90703

5 Bed | 3 Bath | 2,739 SF | $1,275,000

Welcome Home! Located in the highly sought-after area of Cerritos, this impeccable two-story home occupies is move-in ready

5763 Eckleson St.,

Lakewood 90713

3 Bed | 2 Bath | 1,694 SF | $831,000

Beautifully updated 3 bedroom, 2 bath home in the heart of Lakewood on a tree lined street only minutes from great parks, schools, and nearby freeways.

28608 Mount Shasta Dr.

Rancho Palos Verdes 90275

3 Bed | 2 Bath | 2100 SF | $1,110,000

Beautifully remodeled 2 level home nestled in the quiet, desirable Strathmore neighborhood of Rancho Palos Verdes! 

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Moderately higher interest rates held California home sales essentially flat in March, totaling over 280,000 on a seasonally adjusted annualized rate for the second consecutive month. The competitiveness in the housing market, however, continues to heat up as homes are selling faster and the sales-to-list-price ratio is improving. As a result, the statewide median home price recorded a healthy increase of 7% on a month-to-month basis after six months of straight declines. That said, the number of homes available for sale continues to tighten as fewer new listings are failing to replenish inventory. All signs point to a market with solid demand, which should help bolster sales through the homebuying season, but tight inventory will prevent a rapid rebound. 

Increase in mortgage rates prompted a pullback in mortgage application activity: Mortgage applications decreased 8.8% from one week earlier for the week ending April 14,2023 as mortgage interest rates inched up. Demand continues to demonstrate sensitivity to rate changes with purchase applications declining from the week prior and the same time a year ago, just as mortgage interest rates moved up for the first time in over a month. Refinance activity also fell on a week-to-week and a year ago basis. According to Freddie Mac, the average 30-year fixed rate mortgage bumped up to 6.39% as of Thursday, April 20,2023 – 116 basis points higher than the same time from last year. Although home prices have softened somewhat, rates are stuck above 6%. As such, affordability continues to be a serious issue for many potential homebuyers and with limited inventory of homes, buyers will be more selective about when to act.

Single-family construction picks up, though multifamily drags overall construction down: Total housing starts fell 0.8% to a 1.42-million-unit pace during March while February's strong gain was revised slightly lower to a 1.432-million-unit pace. The monthly dip from February was mainly driven by a decline in multifamily construction which overshadowed the progress made in single-family construction. Although multifamily starts recorded a decline, it continues to advance at a robust clip having an annual unit pace higher than 2022 as a whole. Single-family construction on the other hand despite having its third monthly improvement over the last four months, it remained behind last year by 27.7%. By region, the West was the only one with a decline over the previous month and recorded the greatest pullback over the year at -53.4%. That said, builder sentiment improved for a fourth consecutive month and building permits along with it, which rose 4.1% in March, suggesting an uptick in new construction in the months ahead. 

The typical homeowner gained six figures in wealth over the last decade: A new housing report by the National Association of Realtors®(NAR) revealed that middle-income homeowners accumulated $122,100 in wealth as their homes appreciated by 68% in the last 10 years. While the report also highlighted the existence of disparities between different income levels as well as race/ethnic background, no one was exempt from accruing a minimum of $98,900 in wealth from home price appreciation over the last decade. What’s more, homeowners saw their debt drop by 21% and many more were able to refinance and lock-in a rate lower than 4% in the months following the onset of the pandemic, which helped save thousands of dollars in interest rates over the life of the loan. The top 10 areas with the largest wealth gains for low-income owners were all located in California and exceeded $290,000.

If you would like to discuss today's market and whether now is a good time for you to buy or sell, give me a call at (562) 900-9430.

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. 

SEARCH HOMES FOR SALE

HOME SEARCH 

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For Sale

256 Hermosa Ave

Long Beach 90802

2 Bed | 1 Bath | 780 SF | $479,000

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. 

985 S. Idaho Ave. #60

La Habra 90631

2 Bed+Den | 2 Bath | 1,073 SF | $489,000

New on the market! 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.

2217 Westwind Way

Signal Hill 90755

4 Bed | 4 Bath | 3,516 SF | $2,595,000

Stunning panoramic views from this custom hilltop home, nestled at the end of the cul-de-sac on a double corner lot. Amazing city and ocean views from Newport Beach to the skyscrapers of downtown LA.

7887 Lampson Ave #54

Garden Grove 92841

2 Bed | 2 Bath | 800 SF | $110,000

Beautifully updated 2 bedroom, 2 bath home in Garden Terrace Estates.

100 W. Louise St.

Long Beach 90805

3 Bed | 2 Bath | 1,031 SF | $500,000

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. 

5250 E. Lomita Ave., 

Orange 92869

32,924 SF of Residential Land | $650,000

Located on a private street with custom homes, this 32,924 SqFt lot comes with plans for a 5000+ SqFt custom home featuring amazing views.  

In Escrow

199 Prospect Ave

Long Beach 90803

5 Bed | 3 Bath | 2,557 SF | $1,895,000

Stunning 4 bedroom, 2 bathroom Belmont Heights Tudor with a nicely-sized Guest Quarters/Rental Unit/Home Office above the 2-car garage! 

939 Appletone Ave #3

Long Beach 90802

1 Bed | 1 Bath | 640 SF | $349,900

Nicely updated top floor end unit 1 bedroom 1 bath condo in the heart of Alamitos Beach just a short walk to the beach. 

5221 E Patterson St.,

Long Beach 90815

4 Bed | 2 Bath | 1,627 SF | $850,000

Wonderful home in the Stratford Square area of Long Beach. Lovely neighborhood known for its award winning schools. 

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!

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. 

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.

17141 Harvest Ave.,

Cerritos 90703

5 Bed | 3 Bath | 2,739 SF | $1,275,000

Welcome Home! Located in the highly sought-after area of Cerritos, this impeccable two-story home occupies is move-in ready

5763 Eckleson St.,

Lakewood 90713

3 Bed | 2 Bath | 1,694 SF | $831,000

Beautifully updated 3 bedroom, 2 bath home in the heart of Lakewood on a tree lined street only minutes from great parks, schools, and nearby freeways.

28608 Mount Shasta Dr.

Rancho Palos Verdes 90275

3 Bed | 2 Bath | 2100 SF | $1,110,000

Beautifully remodeled 2 level home nestled in the quiet, desirable Strathmore neighborhood of Rancho Palos Verdes! 

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