So Cal Multifamily Sales Pulse - October 6, 2024 - October 12, 2024

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Here's What's Happening In The Market, Here’s What This Means For You

Residential Market Reaches Inflection Point Amid Rising Inventory and Pending Sales Turnaround
The fall in mortgage rates is boosting pending residential sales.
Office Market May Have Hit Bottom After Wave of Discounted Sales
An increase in transaction volume would confirm the industry's comfort level with current pricing.
No Quick Fix for CRE Refinancing Woes as Market Resets
Blackstone's Jonathan Gray says improving values aren't enough to pull over-leveraged owners out of debt traps.
Unexpected 254K Jobs Growth Probably Means Lower Rate Cuts
As the Federal Reserve balances price stability and full employment, predictions of the future are a matter of luck.
Green Street Expects Further Appreciation in CRE Pricing
The decline in bond yields over the past several months makes commercial property more attractive.
Soft Landing? Hard Landing? Maybe It'll Be No Landing
Bond traders are sending prices down, as yields rise.
Robust Employment Data Prompts Second-Guessing of Fed Strategy
Larry Summers and others say a 50-basis-point rate cut was a mistake.
Why Worry About Rates? We’ve Been Here Before
There’s a familiar feeling among CRE investors about current market correction.

Homebuyer Sentiment Reaches Two-Year High Driven By Lower Mortgage Rates
Economists say high home prices are still holding up market.
‘Economy Grows Either Way’: Peter Linneman On The Election, Interest Rate Cuts
Nearly 81% of voters have said the economy will have a significant impact on how they cast their vote in November.
Southern California Home Prices Dip From From Record High
It was the slowest August on record, with prices up by the smallest margin in nearly a year, CoreLogic reported.
Rents Continue to Decline in Most Major Cities
The national median rent today is $10 per month cheaper than it was a year ago.
Inflation Slowed Again, New CPI Report Shows: Will The Fed Keep Cutting Rates?
With inflation seemingly headed toward the Fed’s 2% target, it likely would take an unusually weak, or strong, labor market to alter officials’ blueprint for quarter-point rate cuts.
Recession Since 2022: US Economic Income and Output Have Fallen Overall for Four Years
In this study we aim to quantify some of the more egregious biases in inflation statistics in order to get us closer to a true understanding of inflation.
UCLA Anderson: Subpar 2024 Growth in CA, Followed by 2025-26 Acceleration
The current slower growth results from specific sectoral weaknesses in California, evinced by its high unemployment rate.
Prop 33: Contentious California Ballot Measure Over Rent Control
The debate over housing affordability has become more divisive as supporters and opponents launch nasty attacks against each other.
Could Recent Black Swan Events Reignite Inflation?
Hurricanes, Middle East conflict and port disruptions could also weigh on economic growth.
Foreclosures Ease in The Third Quarter
The rate of foreclosure filings fell despite sharp increases in some states.
Overall Inflation Continues Down But Core Rises Over Previous Month
It's a mixed bag that won't make the Fed feel entirely warm and fuzzy.
Commercial Real Estate Market Shows Signs of Revival
Declining borrowing costs draw potential buyers and sellers back into the fold.
Traders Keep Bets On 25 Basis Point Fed Rate Cuts In November, December
Financial markets priced in a 17% chance that the Fed will leave its target for short-term borrowing costs in the current 4.75% to 5.00% range.
Fed Officials Signal More Rate Cuts, Bostic Open To A Skip
Slowly cooling inflation and a U.S. job market that remains strong but at risk of deteriorating give a green light for more interest-rate cuts in coming months.

Orange County

Live MLS Link PDF Link

Orange County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.44%
Avg. Gross Rent Multiplier: 14.74
8
Closed Sales Last Week
64
Closed Sales - Average Days on Market
$1,976,250
Closed Sales - Average Sales Price
2
Transactions Sold At or Above Asking Price
6
Financed Transactions Last Week
2
All Cash Transactions Last Week
7
2-4 Unit Transactions Last Week
1
5+ Unit Transactions Last Week

11
New Listings Last Week
8
Months of Inventory
268
Total Number of Active Listings
$946,375,962
Active Listings, Dollar Volume
9
Active Under Contract Last Week
3
Pending Listings Last Week
5
Expired Listings Last Week

Southern California

Live MLS Link PDF Link

Southern California Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.62%
Avg. Gross Rent Multiplier: 14.17
9
Closed Sales Last Week
52
Closed Sales - Average Days on Market
$1,517,222
Closed Sales - Average Sales Price
3
Transactions Sold At or Above Asking Price
8
Financed Transactions Last Week
1
All Cash Transactions Last Week
6
2-4 Unit Transactions Last Week
3
5+ Unit Transactions Last Week

8
New Listings Last Week
8
Months of Inventory
160
Total Number of Active Listings
$451,302,661
Active Listings, Dollar Volume
6
Active Under Contract Last Week
4
Pending Listings Last Week
2
Expired Listings Last Week

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