04/24/2024
How’s the Huntington Beach Real Estate Market?
On January 18, 2024, the Days of Supply* for all homes in Huntington Beach was sitting at 78, which is well into the Balanced Market Range and starting to get close to a Buyer’s Market. This was attributable to mortgage rates spiking to over 8% in October 2023.
Then, the Federal Reserve indicated they were going to start easing, and mortgage rates fell to the 6.75% level. Buyers entered the market again in droves. Many experts predicted mortgage rates would continue to fall, but they have since jumped back up over 7%.
Who knew, but all can agree that 7% is better than 8% and we are now moving into the best time of the year to list a home. The Days of Supply* has dropped to the lowest level of the year, and now sits at 38 days (April 11, 2024)
This is a “Days of Supply” level consistent with a Strong Seller’s Market.
*Days of Supply is defined as the number of days required to sell all the homes currently on the market at the present rate of home sales.