Hello Friends,

Thank you for taking a few minutes to read this week’s market update. I appreciate your time, and my goal is to keep you informed with simple, useful information that can help you make better real estate decisions.

The Fed Raises Rates Again

Last week, the Federal Reserve raised the Federal Funds Rate by 0.25%, with the goal of bringing inflation back toward its 2% target. Most Fed members indicated that additional rate increases may still be needed if inflation remains elevated.

For homebuyers, this means mortgage rates remain an important factor. 30-year mortgage rates have moved back toward 7%, making affordability more challenging.

Housing Market: More Balanced, Slowly

The national housing market continues to gradually shift in favor of buyers, but the change is happening slowly.

• Inventory: Up about 4.2% from last year, although growth slowed this week.
• Time on market: About 61 days, essentially unchanged from last year.
• New listings: Down 0.8% from last year.
• Median listing price: About $419,000, down 1.4% year over year.
• Price per square foot: About $222, the lowest level since January.

Higher mortgage rates and affordability challenges are causing some buyers to wait, while some sellers are holding off because they are concerned about pricing.

Remember: Real Estate Is Local

National numbers give us a useful big-picture view, but your local market can be very different.

Here in Long Beach and surrounding communities, neighborhood, property type, price range, condition, and location can make a significant difference.

My advice is simple: Don't try to perfectly time the market. Instead, understand the numbers, know your options, and make decisions based on your personal goals.

Thank you again for your time, trust, support, and referrals. I truly appreciate being your resource for real estate.

If you have questions about buying, selling, your home's current value, or simply want to understand what's happening in your neighborhood, please feel free to connect with me. I'm always happy to help.

Visit AmirZee.com for your Instant Home Value, neighborhood statistics, MLS home search, and my latest market updates and blog posts.

Thank you for being part of my real estate community. I look forward to staying connected!