Hello My Friends,
Welcome to autumn! I hope you are enjoying the change of season and finding a little time to slow down and enjoy your family, friends, and the beautiful Southern California weather.
As we move into fall and eventually winter, this is also a good time to take a few minutes to prepare your home for the weather ahead. Check your roof, gutters, drains, windows, doors, and outdoor areas, trim trees or branches that could become a problem during strong winds, and make sure your smoke and carbon-monoxide detectors are working. A little preparation now can help prevent a much bigger problem later.
What Happened in the Real Estate Market?
Last week brought some important changes.
Mortgage rates moved above 7%. Freddie Mac reported the average 30-year fixed mortgage rate at 7.03% on September 24, up from 6.95% the previous week. The 15-year rate reached 6.42%.
The Federal Reserve also recently raised its federal funds rate by 0.25%, bringing its target range to 3.75%–4.00%, as it continues working to bring inflation back toward its 2% goal.
What Are We Seeing in Housing?
The national housing market continues to gradually rebalance.
Inventory: Up 5.8% from a year ago
Time on market: About 61 days
New listings: Up 0.9% year over year
Median listing price: About $419,500, down 1.3% from last year
Realtor.com reports that homes are taking about one day less to sell than they did during the same week last year, while more homes are available for buyers to choose from.
Southern California Market Snapshot
Across Southern California, the market continues to show a mix of higher borrowing costs, limited supply, and selective buyer demand.
Los Angeles Metro: The August median price for existing single-family homes was about $850,000, up 1.2% from a year earlier, while sales were down 3.8% year over year.
Los Angeles County: The median sale price was about $922,000 through August, up 1.4% year over year, with homes averaging about 49 days on market.
Orange County: August data shows continued higher prices, with the median sale price around $1.22 million, up 3.9% year over year according to Redfin.
Inland Empire: The August median single-family price was approximately $600,000, essentially unchanged from a year earlier, while sales were down 8.4%.
What does this mean for Southern California buyers and sellers?
Higher mortgage rates are keeping some buyers cautious, but people who need to move are still active. At the same time, buyers generally have more opportunities to compare homes and negotiate than they did during the highly competitive markets of a few years ago.
For sellers, condition, presentation, pricing, and preparation are especially important as we move into the fall and winter months. And for buyers, the combination of available inventory and changing market conditions means it is important to look at the specific neighborhood and property—not just the headlines.
Long Beach can behave differently from Los Angeles, Orange County, or the Inland Empire, and even within Long Beach, 90803, 90802, 90807 and other neighborhoods can tell very different stories.
Remember—Real Estate Is Local
These are national & Sate numbers, and they don't necessarily tell us exactly what is happening here in Long Beach.
Your neighborhood, property type, price range, condition, and location can make a big difference. That's why I always encourage my clients to look at the local numbers, rather than relying only on national headlines.
For buyers, higher mortgage rates mean affordability remains important, but additional inventory can provide more choices and potentially more room to negotiate.
For sellers, today's market makes pricing correctly from the beginning more important than ever.
My Simple Advice
As we enter a new season, take care of your home, stay informed, and don't let the constant stream of headlines create unnecessary stress.
Whether you're thinking about buying, selling, investing, or simply wondering what your home is worth, I'm always here to help you understand your options.
Thank you so much for taking the time to read my weekly market update. Your trust, support, and referrals truly mean a lot to me. I appreciate every conversation, introduction, and opportunity to be your real estate resource.
If you have a question about the market or your home, please reach out and let's connect.
You can also visit AmirZee.com for your Instant Home Value, neighborhood statistics, MLS home search, and latest real estate updates.
Wishing you and your family a wonderful, healthy, and peaceful autumn season!
