So Cal Multifamily Sales Pulse - May 19, 2024

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

Jamie Dimon Is As Pessimistic As Ever The inflationary pressures he sees in the near future haven’t suddenly disappeared.	CRE Sentiment Makes a Surprising Turn Significantly, respondents believe capital will start flowing more easily in the year ahead.
It Takes $349,200 Income To Buy An Orange County Home, 3.5 Times The US Salary This mortgage-qualifying standard grew by $99,200, or 40%, since 2022's first quarter.	For US Renters, The Chance Of Owning A Home Is Going From Bad To Worse With inflation heating up again, the Federal Reserve is in no position to consider lowering interest rates.
As Job Growth In California Falls Back, Unemployment Rate Remains Highest In The Country In California, there were 140 unemployed workers for every 100 job openings in March.	More Baby Boomers Find They Enjoy Renting They prefer to avoid the financial responsibilities and stresses associated with homeownership.
Business Economists Have Higher Inflation Expectations The NABE survey also shows that 90% of the respondents still expect a soft landing this year.	Multifamily Retains Appeal Despite Some Bumpiness As institutional investors prepare to leave the sidelines, apartments are at the top of their lists.
How Real Estate Became Hooked On Interest Rate Cuts It almost seems that the modern real estate industry doesn't know how to transact unless interest rates are falling or historically low.	Signs We Are In a Rolling Recession There are indicators of slowing employment growth in interest rate-sensitive industries.
Single-Family Rents Post First Annual Decrease in 14 Years But the market is bolstered by frustrated homebuyers seeking rental alternatives.	Fed Household Survey Finds That Inflation Remains a Challenge Overall, the report shows that financial well-being was nearly unchanged from 2022.
Goldman Sachs Says Credit Crunch Risk Remote There is still resilient credit availability.	Multifamily Transactions Hit Their Lowest Level Since the Pandemic Interest rates and economic uncertainty have depressed the level of investment in the asset class.
Goldman Revises Fed Rate Cut Expectations Goldman Sachs has adjusted its forecast for the Federal Reserve's first rate cut, pushing it from July to September.

Orange County

Closed Sales Last Week

Closed Sales - Average Days on Market

$2,150,800

Closed Sales - Average Sales Price

Transactions Sold At or Above Asking Price

Financed Transactions Last Week

All Cash Transactions Last Week

2-4 Unit Transactions Last Week

5+ Unit Transactions Last Week

New Listings Last Week

Months of Inventory

240

Total Number of Active Listings

$801,664,040

Active Listings, Dollar Volume

Active Under Contract Last Week

Pending Listings Last Week

Expired Listings Last Week

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Avg. Cap Rate: 4.44%

Avg. Gross Rent Multiplier: 14.74

List of Closed Sales

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Southern California