Long Beach Metro

So Cal Regional Market Update for March 2018

In Long Beach, average sales price in March for houses was $689,046; average price for condos $437,570.  See chart for more information on Long Beach.

New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy. Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.
New Listings were down 15.2 percent for Single Family homes and 8.6 percent for Townhouse-Condo properties. Pending Sales decreased 40.9 percent for Single Family homes and 50.7 percent for Townhouse-Condo properties.

The Median Sales Price was up 6.9 percent to $700,000 for Single Family homes and 9.9 percent to $465,000 for Townhouse-Condo properties. Months Supply of Inventory decreased 3.8 percent for Single Family units but was up 11.1 percent for Townhouse-Condo units.

Single Family Activity Overview 2 Townhouse-Condo Activity Overview 3 New Listings 4 Pending Sales

The Federal Reserve raised its key short-term interest rate by .25 percent in March, citing concerns about inflation. It is the sixth rate increase by the Fed since December 2015, and at least two more rate increases are expected this year. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages, but rising wages and a low national unemployment rate that has been at 4.1 percent for five months in a row would seem to indicate that we are prepared for this. And although mortgage rates have risen to their highest point in four years, they have been quite low for several years.

Courtesy of PWREPORTS

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