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Proper Real Estate Blog

Monday, May 16, 2022   /   by Proper Team

April 2022 Market Update: Deep Concerns About Affordability and Location

The average 30-year fixed rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year.
As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.
New Listings
New listings decreased 18.4% for single family homes and 18.1% for townhouse-condo homes.

Pending Sales
Pending sales decreased 45.1% for single family homes and 47.4% for townhouse-condo homes.

Inventory
Inventory decreased 18.7% for single family homes and 15.9% for townhouse-condo homes.

Median Sales Price
Median sales price increased 16.6% to $1,079,] ...

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  market update, real estate market

Friday, March 25, 2022   /   by Crescent Louise

8 Pioneering Women in Real Estate Slapped With the B-Word

We’ve been celebrating Women’s History Month since 1955 but it definitely feels a little lackluster when women are still earning a consistent 20-25% less than their male counterparts. It’s a deeply rooted issue spread across almost every industry you can think of — including real estate. Implicit biases run rampant all the time. You've heard it before: successful men are labeled assertive and successful women are labeled ... bitchy.
Ironically, 65% of all REALTORS® are female, according to the National Association of REALTORS® (NAR) but not surprisingly, only a small percentage of those women are in leadership positions. Basically, you can be a bad bitch all you want but it’s still an uphill battle. 
This Women’s History Month, I’m focusing on the early pioneering women of real estate. In the wild days of the industry in the 1840s, women only filled office and clerical roles but by the 1880s they started transitioning] ...

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  women in real estate

Wednesday, March 9, 2022   /   by Crescent Louise

February 2022 Update: Housing Supply is Increasing in Upper End of Market

The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS® (NAR). Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.
New Listings
New listings decreased 21.1% for single family homes and 14% for townhouse-condo homes.
Pending Sale
Pending sales decreased 40.4% for single family homes and 45.5% for townhouse-condo homes.
Inventory
Inventory decreased 32.3% for single family homes and 26.5% for townhouse-condo homes. Months supply of inventory decreased 33.3% for single family homes and 33.3% for townhouse-condo homes.

Median Sales Price
Median sales price increas] ...

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  market update, real estate market

Thursday, February 10, 2022   /   by Crescent Louise

January 2022 Market Update: Inventory Remains Low as Buyers Put Plans on Hold

The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® (NAR) reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold.
New Listings
New listings decreased 24.6% for single family homes and 23.1% for townhouse-condo homes.
Pending Sales
Pending sales decreased 46% for single family homes and nearly 50% for townhouse-condo homes. Inventory decreased 38.5% for single family homes and 38.2% for townhouse-condo homes.
Median Sales Price
Median sales price increased 17.3% to $950K for single family homes and 20% to $610K for townhouse-condo homes.
Days on the Market
Days on market ] ...

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  market update, real estate market, long beach

Thursday, January 6, 2022   /   by Crescent Louise

Market Update: A Rock-Bottom December 2021 for Inventory

The 2021 housing market was one for the history books. After three consecutive months of increases recently, existing home sales are on pace to hit their highest level in 15 years, with an estimated 6 million homes sold in 2021, according to the National Association of REALTORS® (NAR). Sales prices reached new heights, inventory hit rock-bottom and homes sold in record time, often for well above asking price. Mortgage rates, which began the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pent-up demand during the pandemic.
New Listings
New listings decreased 28.4% for single family homes and 30.9% for townhouse/condo homes.
Pending Sales
Pending sales decreased 40% for single family homes and 50.5% for townhouse/condo homes. Inventory decreased 47.6% for single family homes and 48.3% for townhouse/condo homes.
Median Sales Price
Median sales price increased 16.5% to $955,000 for] ...

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  market update, real estate market

Proper Real Estate
Jenny Pok - Broker
2135 N Bellflower blvd.
Long Beach, CA 90815
562-342-6044
DRE# 02156564
info@proper-re.com

Based on information from California Regional Multiple Listing Service, Inc. as of February 2, 2023. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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