MARKET UPDATE FOR JANUARY 2024

LONG BEACH MARKET UPDATE FOR JANUARY 2024

Long Beach existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

New Listings increased 1.4 percent for Single Family homes and 4.5 percent for Townhouse-Condo homes. Pending Sales decreased 35.1 percent for Single Family homes and 39.2 percent for Townhouse-Condo homes. Inventory decreased 27.5 percent for Single Family homes and 19.5 percent for Townhouse-Condo homes.

Median Sales Price increased 11.4 percent to $1,025,000 for Single Family homes and 8.8 percent to $635,000 for Townhouse-Condo homes. Days on Market decreased 29.5 percent for Single Family homes and 25.6 percent for Townhouse-Condo homes. Months Supply of Inventory decreased 11.1 percent for Single Family homes but remained flat for Townhouse-Condo homes.

Long Beach Single Family Homes Median Sales Price
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

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