Indicators Could Point to Costa Mesa’s Future Housing Action
.jpg)
For both existing and new homes, last week revealed some preliminary indications that an uptick in activity was underway. The hints worth musing over arrived in the National Association of Realtors®’ latest rundown on U.S. housing activity. Key findings:
- Existing home sales registered a 14.5% increase in sales. That was the largest monthly increase in percentage since July 2020.
- Pending home sales (that is, contract signings) rose by 8.1%. That constituted the second monthly rise in a row, although it was a step down from last year’s number.
The statistical release was accompanied by projections based on the trends the data indicated:
- NAR “anticipates the economy will continue to add jobs throughout 2023.”
- They project that the 30-year fixed mortgage rate will drop steadily to an average of 6.1% this year, and 5.4% in 2024.
- Even with improving mortgage rates, expectations are for an 11.1% sales falloff for this year before a 17.7% existing home jump in 2024 and a 19.4% rise in new home sales.
- A minor decrease in median home prices this year will be followed by “positive traction of 3.1% in 2024.
The NAR’s “latest activity” covers the month of February (March will be forthcoming soon). Closer to home, for the latest Costa Mesa housing activity (where “latest” really IS the latest), call us anytime!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
