SoCal Beach Cities Market Report 053024

Dated: May 30 2024

Views: 7

"REALTOR RON'S"
Beach Cities Market Report

Residential / Luxury / Investment
Call/Text   714-955-1393

Prospective homebuyers plan to buy but lack confidence to start the journey:

 Renters are unsure whether now is the right time to buy but many plan to buy in the next five years. With interest rates and home prices remaining elevated while the homebuying market continues to be highly competitive, 57% of the renters/prospective buyers who responded to a survey are unsure whether now is a good time to buy. Despite the high level of uncertainty, 81% of the prospective buyers consider renting as a temporary arrangement and 76% plan to buy a home within the next five years. Many of them, however, lack the confidence needed to navigate through the homebuying process. Half of them (51%), for example, are not confident in their understanding of homebuying programs, while 41% do not have a good understanding of how to finance or secure a mortgage.

With lots of challenges and “noise” in the market, I'll be your trusted advisor to guide you through the homebuying journey.
 

Give me a call, I'll help you through it all.
 
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>>>>LA & Orange Counties<<<<
1,117 Closed Sales Last Week!!!
5,426 Closed Sales MTD

 

Number of Months of Inventory = 2.4

Median Days on Market = 11
Active Listings "Stats"
5/23/24 - 5/29/24
Orange County
Single Family Residence - 162
Townhome / Condo - 85

Under Contract this Week - 325
Los Angeles
Single Family Residence - 629
Townhome / Condo - 248
Under Contract this Week - 750
Data Source:  CRMLS
Interest Rates
Changes from Previous Week
30 Yr Fixed - 7.34%     +0.25
15 Yr Fixed - 6.80%      +0.21
FHA 30 Yr - 6.85%        +0.21
Jumbo 30 Yr - 7.54%   +0.19
VA  30 Yr   -   6.87%     +0.22
Data Source: mortgagenewsdaily
Homes For Sale
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Data Source:  CRMLS
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I look forward to working with you...

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Email:  RealtorRonPhillips@gmail.com
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