Price Declines Locally/Another rate hike in July?
Federal Reserve (Fed) voted to pause on interest rate hikes last month, but don't get too excited...according to CNBC, their meeting minutes showed that they are prepared to raise rates this month, and going forward, just at a slower pace. Inflation is slowing down, but the big questions are...is this enough of a slow down and is it a trend that will continue? We'll have to wait and see how the next few months play out.
Reuters reports that job gains were the lowest in 2 1/2 years, but the labor market is still extremely tight and unemployment is low, a further reason the Fed will probably raise rates.
Locally, still very low inventory levels, but the big story is that while there are still some multiple offer situations, we are largely seeing declines in sales prices, as compared to last year. Check out the chart below..... Glendale and Toluca Lake had positive numbers, every other area I track ran negative with Studio City showing the worst decline for the rolling three months, April-June 2023 vs. April-June 2022.
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Single family home prices(median) for April 2023-June 2023:
| Glendale | + 8.8% |
| Burbank | - 4.4% |
| Toluca Lake* | + 4.2% |
| Pasadena | - 6.8% |
| Studio City | - 21.0% |
| Hollywood Hills* | - 5.5% |
| Valley Village | - 5.4% |
| Sherman Oaks | - 12.0% |
| Woodland Hills | - 6.3% |
are somewhat misleading
Weekly national mortgage rates for loans under $400,000, top credit scores:
| 30 yr. fixed rate | 6.96 | ||
| 15 yr. fixed rate | 6.30 | ||
Ana Connell 818.795.8474
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