The BHAUS EIGHT September 2024 Newsletter

Hello community,

While summer has come to an end (technically), it still feels like we are in the middle of it! Our days have been super hot, and I hope you are staying cool, hydrated, and in great spirits! Here in our haus, we are getting settled into the school and work routines, but there is always time for fun, relaxation, and of course super important, “me” time (this month we draw our photo inspiration from our summer travels! Stay tuned for more!).

Make sure that you welcome the Fall season of 2024 with lots of positive thoughts towards yourself and towards the universe - put all your best positive emotions out there and visualize how you want the rest of the year to go for you and your loved ones - the power of the mind is an amazing thing! Before we know it, the holidays will be around the corner, so get yourself mentally and physically ready for it all!

We have a lot of great news when it comes to matters of real estate that concern you, from the dropping interest rates to the steady flow of inventory! Read below to find out more!

In this month’s newsletter…

• BHAUS EIGHT Properties showcases our new listings across our markets

• The Southbay Real Estate section has the latest local stats and trends, giving you all the info needed to get your home on the market

• Home Stats by City

• The Economy & Mortgage News has the latest updates on inflation, consumer spending, and up-to-date mortgage rates.

  Have you followed us yet? make sure you are following us on Instagram and/or Facebook to get updates that are not sent to our mailing list! These updates include Open Houses, quick stats, inspiration for your home and your travels, as well as our exciting house viewings!

SouthBay Real Estate.

Overall, the Southbay prices are staying steady. In August, the median home price increased to $828K (+7%) vs a year ago, but stayed the same versus July.; the average home price also increased to $1.14MM (7%) vs a year ago, although also stayed flat relative to last month.

While new listings on the market stayed flat in July and August, they did increase by 10% vs a year ago, so the trend is improving (we don’t expect July and August to be big drivers into the market given school year is about to start and most people are not looking to move in these months).

Days on Market have stayed relatively the same since May of this year, at 30 DOM, a drop of -12% vs a year ago. We are seeing a little more market stabilization, with mortgage rates falling and homes being priced correctly.

We are also seeing a lot of homes on the market that need a little TLC, which is a great way to get in the market if you are up for a little work around the house! Call us to view opportunities!

See below on Southbay housing stats by city.

Home Stats by City.

Economy & Mortgage News.

Great news for our economy, as inflation has dropped to levels not seen since February 2021, now at 2.5% (down from 2.9% in July, and 3.67% a year ago). While that’s great news for households feeling the pinch, the core personal consumption expenditure index (core CPE) which is the Fed’s preferred inflation gauge, did not change much from the previous months. While economists still expect a rate drop, they also expect a gradual drop versus aggressive rate cuts. Consumers should start to feel the pressure easing off of gasoline and food.

Current mortgage rates continue to drop, a great update for both buyers and sellers! Rates for a 30-year conforming loan is hovering around 5.625% (5.25% for VA loans), while. a fixed 30-year jumbo loan rate is hovering around 6%. Refinancing rates are not that far away either.

While rents continue to rise (0.5% in August, vs 0.4% in July), this is a great time to come in the market: still a low inventory, mortgage rates falling, rents increasing - buyers are looking for homes to make their own. If you are looking to sell or would like to know the price of your home, give our team a call! We will provide you with a comprehensive market analysis and a marketing plan specific to your home! Call us today 310-569-4423.

Contact your BHAUS EIGHT team with any comments or questions!

To subscribe to our weekly emails of investor opportunities and our digital newsletter, please email Sonia directly at Sonia@bhauseight.com

From BHAUS to yours.