Rodeo Realty

Stock markets – Stock markets rose for the seventh consecutive week as inflation has moderated, and bond yields and mortgage rates have dropped. On Thursday the Personal Consumption Expenditures Price Index (PCE), a gauge of inflation that the Fed relies on when setting monetary policy came in at a 3% year-over-year increase, the core PCE was 3.5%. That marked the smallest increase since 2021. On Friday Fed Chairman Powell suggested that the Fed may be done raising rates, but said it was “too early to guess when rates will fall.” Even speaking about rates falling was something that nobody could have imagined Powell discussing just two months ago. He also spoke about progress in cooling inflation and the jobs market. Stocks jumped on Thursday and Friday. The Dow gained almost 800 points in the two days. Next Friday the November jobs report will be released. Investors are eagerly awaiting the number of new jobs created and the amount that wages have increased. The Dow Jones Industrial Average closed the week at 36,254.50, up 2.4% from 35,390.15 last week. It is up 9.4% year-to-date. The S&P 500 closed the week at 4,594.63, up 0.8% from 4,559.34 last week. It is up 19.7% year-to-date. The Nasdaq closed the week at 14,350.03, up 0.7% from 14,250.85 last week. It is up 37.1% year-to-date.

U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.22%, down from 4.47% last week. The 30-year treasury bond yield ended the week at 4.40%, almost unchanged from 4.60% last week. We watch bond yields because mortgage rates follow bond yields.

Mortgage rates -The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of November 30, 2023, were as follows: The 30-year fixed mortgage rate was 7.22%, down from 7.29% last week. The 15-year fixed was 6.56%, down from 6.67% last week. Rates were lower at the end of the week. The 30-year dropped under 7% on Friday.

Have a great weekend!

Stock markets soared in November – Stock markets notched seven straight weeks of gains as key reports indicated that inflation was cooling. The October Consumer Price Index (CPI) showed that consumer prices in October had climbed 3.2% from one year earlier. While the Fed target is 2% this was a step in the right direction. Inflation peaked in June 2022 at 9.1% and worked its way down every month for a year hitting 3% in June 2023. In July, August, and September the year-over-year inflation rate worked its way back up. It was 3.7% in September, so dropping to 3.2% in October was welcome news to investors. The Producer Price Index and Personal Compensation Expenditures Price Index also showed that inflation tamed in October. The jobs market cooled as well with 150,000 new jobs created in October, about ½ the number of new jobs created in September. This news led investors to feel that the economy was slowing, and inflation was taming. Bond yields and mortgage rates fell steadily in November with the 30-year mortgage ending the month about one full percentage point below its 23-year high in mid-October. Experts feel that rate hikes are behind us and that there may even be a Fed rate reduction next year. The Dow Jones Industrial Average closed the month at 35,950.89, up 8.8% from 33,052.87 on October 31. It is up 8.5% year-to-date. The S&P 500 closed the month at 4,567.80, up 8.9% from 4,193.80 last month. It is up 19% year-to-date. The NASDAQ closed the month at 14,262.22, up 11% from 12,851.24 last month. It is up 36.3% year-to-date. U.S. Treasury bond yields dropped in November – Cooling inflation led to lower bond yields marking the largest monthly drop in yields of the year. The 10-year treasury bond closed the month yielding 4.38%, down from 4.88% last month. The 30-year treasury bond yield ended the month at 4.54%, down from 5.04% last month. We watch bond yields because mortgage rates often follow treasury bond yields. Mortgage rates – The Freddie Mac Primary Mortgage Survey reported that mortgage rates as of November 30, 2023, for the most popular loan products were as follows: The 30-year fixed mortgage rate was 7.22%, down from 7.79% at the end of October. The 15-year fixed was 6.56%, down from 7.03% at the end of October. The 30-year fixed rate peaked at around 8.25% in mid-October, a 23-year high. Home sales data is released by the National Association of Realtors and the California Association of Realtors on the third week of the month for the previous month. Below are the October results. U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 3.79 million units on a seasonally adjusted annualized rate in October, down 14.6% from an annualized rate of 4.44 million in October 2022. The median price for a home in the U.S. in October was $391,800, up 3.2% from $378,800 last October. There was a 3.6-month supply of homes for sale in October, up from a 3.3-month supply last October. First-time buyers accounted for 28% of all sales. Investors and second-home purchases accounted for 15% of all sales. All cash purchases accounted for 29% of all sales. Foreclosures and short sales accounted for 2% of all sales. California third quarter housing affordability – The California Association of Realtors released their housing affordability index. It included that single-family detached-home affordability dropped to 15% in the third quarter of 2023, down from 16% in the second quarter and down from 18% one year ago. An income of $221,200 was needed to qualify for the monthly payment of $5,530 to purchase a $843,600 median-priced home. Affordability for a condo or townhome dropped to 23% in the third quarter. An income of $170,400 was needed to qualify for the $4,200 payment to purchase a $650,000 median-price condo or townhome. California existing-home sales – The California Association of Realtors reported that existing-home sales totaled 241,710 units on a seasonally adjusted annualized basis in October, down 11.9% from a revised 274,410 annualized sales pace in October 2022. October marked the thirteenth straight month of the annualized sales rate dropping under 300,000 on an annualized basis, and the second consecutive month of sales dropping below 250,000 annualized sales, a level that was thought could never happen. Year-to-date, the number of homes sold was down 27.2% in October. The statewide median price paid for a home in October was $840,360, up 5.3% from a revised $798,140 a year ago. There was a 2.7-month supply of homes for sale in October, down from a 3.1-month supply one year ago. The graph below shows sales data by county in Southern California.

 

The last month [aka December] of the year is here and the countdown to 2024 is on. Make the most of this holiday season by exploring all the fun things to do locally. Check out our weekend event round-up for December 1 through December 3.

Los Angeles Weekend Events | December 1 – December 3 

Festival of Carols

When: December 2

Where: DTLA

What: This holiday season, let the professionals handle the singing. Join the Los Angeles Master Chorale for a festive concert featuring your beloved holiday carols at the renowned Walt Disney Concert Hall. Sixty-two singers will deliver classics from various cultures, including timeless favorites like “Silent Night,” “Rudolph, the Red-Nosed Reindeer,” and “We Need a Little Christmas,” ensuring a spirited celebration. Adding to the magic, the Disney Hall’s pipe organ will play a part in the enchanting concert, and who knows, Santa might even make a surprise appearance.

Holiday Ice Rink Pershing Square

When: Until January 7

Where: Pershing Square

What: In Los Angeles, a city not usually associated with winter festivities, an enchanting transformation occurs when an ice skating rink is set up amidst the towering skyscrapers of Downtown. This urban winter wonderland invites you to glide across the ice at Pershing Square’s open-air holiday rink. Imagine soft snow underfoot as you skate, with the convenience of included skate rentals. Additional amenities like lockers and skating aids are available for a nominal fee, enhancing your festive experience.

L.A. Zoo Lights

When: November 17, 2023 – January 7, 2024 

Where: L.A. Zoo

What: This holiday season, the L.A. Zoo will extend its hours into the evening on most nights through January, presenting a charming twist on its luminous holiday tradition. For its 2023 edition, L.A. Zoo Lights will feature new sculptures and introduce “Winter Wildlands,” an area inspired by animals that thrive in snowy environments.

Westside and Beach Communities Weekend Events | December 1 – December 3  

For the Record: Love Actually Live

When: Until December 30 

Where: Beverly Hills

What: Between late November and the conclusion of December, the cherished musical series, For the Record, brings forth a stage production inspired by the globally adored holiday film, Love Actually. Transforming the Wallis Annenberg Center for the Performing Arts in Beverly Hills into a festive winter backdrop, the show employs a multimedia set, a live orchestra, and songs from the movie to reenact the intertwining love stories featured in the film.

The Dr. Seuss Experience

When: Until Janaury 31

Where: Santa Monica

What: Immerse yourself in the whimsical universe of Wockets and Truffula Trees at The Dr. Seuss Experience, an interactive adventure inspired by the beloved books of Dr. Seuss. This enchanting experience brings to life the vivid characters and landscapes from classics like The Cat in the Hat and The Lorax. Guests can explore a series of rooms, each offering unique interactions with characters and perfect photo opportunities. At the heart of this pop-up lies a mirror maze, inspired by The Sneetches, providing a captivating challenge. Catch this touring show at Santa Monica Place starting in November 2023 for a magical journey through the world of Dr. Seuss.

Miracle at Neighbors Playa Vista

When: Until December 31

Where: Playa Vista

What: This year, the festive and globally recognized Christmas cocktail bar pop-up is arriving at Neighbors in Playa Vista. Prepare to be dazzled by extravagant decorations and a special themed cocktail menu, served in unique novelty mugs with names like Rudolph’s Replacement and Jingle Balls Nog. These distinctive mugs are also available for purchase as a keepsake. You can find Neighbors at 12751 Millennium Drive, suite 140, ready to welcome you into a world of holiday cheer.

San Fernando Valley Weekend Events | December 1 – December 3  

Santa Paws Photo Pop-Up at Topanga Village

When: November 26

Where: Topanga Village

What: Dress in your holiday best and join us for our Santa Paws Photo Pop-Up! You and your pup will snap some shots with the man in red and recieve a printed 4×6 copy before being treated to milk and cookies, a goodie bag and an exclusive event offer. In partnership with K9 Natural, Nulo, Open Farm, Primal, Smallbatch, Stella & Chewy’s, The Honest Kitchen, Topanga Village and ZIWI

Shaping Gravity: Abstract Art Beyond the Picture Plane

When: Until March 10 

Where: Glendale

What: Experience the vibrant interpretations of abstraction by seven artists at this complimentary exhibit at the Forest Lawn Museum. Explore diverse artworks ranging from sculptures and paintings to augmented reality pieces and interactive video projections. Featured artists include Jen Stark, Molly Larkey, Shane Guffogg, Michelle Jane Lee, Christine Nguyen, Rema Ghuloum, and Sara Ippolito.

VALLEY RELICS MUSEUM EXPERIENCE

When: Every Saturday and Sunday

Where: 16781 Stagg Street Hangar C3 & C4 | Van Nuys

What: Visit the Valley’s beloved Museum of Pop Culture this weekend! The Valley Relics Museum invites you to join them for a day full of nostalgia and fun. Their one-of-a-kind museum.

 

Conejo Valley Weekend Events | December 1 – December 3  

Oxnard Christmas Parade

When: December 2, 10am – 12pm

Where: 500 South C Street, Oxnard

What: Experience the festive delight of vibrant marching bands, equestrian units, local school groups, and lively floats at the yearly Oxnard Christmas Parade! The parade route spans from A & 9th Streets, heading west on 5th, then north on C Street, culminating at 2nd Street.

Holiday Road

When: November 24 – December 27

Where: Santa Monica Mountains

What: Wander through King Gillette Ranch as it transforms into a luminous wonderland during Holiday Road, where the Santa Monica Mountains provide a picturesque backdrop. This event, brought to you by the creators of Nights of the Jack, features a nearly mile-long walking trail adorned with holiday charm. Experience a mesmerizing display of festive decorations, including a canopy of icicle lights amidst the treetops, a quaint Christmas village, large standalone ornaments, and archways twinkling with lights. While you’re there, don’t miss the food trucks and a holiday-themed bar for an extra touch of seasonal delight.

Wild Lights and Ocean Nights at America’s Teaching Zoo

When: December 1 throug December 3 

Where: 7075 Campus Rd, Moorpark

What: This holiday season, America’s Teaching Zoo transforms into a festive wonderland with its WILD LIGHTS & OCEAN NIGHTS event. Guests are invited to a 45-minute self-guided tour through the zoo, adorned with dynamic lights, interactive experiences, and photo opportunities. Highlights include the ‘Under the Sea’ experience at Rajah’s Retreat, the ‘Illuminated Jungle’ with a ‘Glow in the Dark Garden,’ and a grand 12-foot-tall Holiday Tree near Santa’s Workshop. Be sure to see Ira the Lion under the dazzling ‘Canopy of Lights,’ and don’t miss the chance to meet Santa on December 10th and 17th.

 

 

Stock markets closed higher for a sixth straight week – Stocks closed higher in a holiday-shortened week. Minutes from the last Fed meeting were released this week. They included that the Fed has shifted its policy on rate hikes to a more neutral position. For the first time in nearly two years, the Fed has stated that the economy has slowed and that they do not intend to raise interest rates further. They did leave open the possibility of future hikes if the economy picked up, but it was the most encouraging statement that rate hikes have ended since they began their latest campaign of hikes in March 2022. The Dow Jones Industrial Average closed the week at 35,390.15, up 1.3% from 34,947.28 last week. It is up 6.8% year-to-date. The S&P 500 closed the week at 4,559.34, up 1% from 4,514.02 last week. It is up 18.8% year-to-date. The Nasdaq closed the week at 14,250.85, up 0.9% from 14,125.48 last week. It is up 35.21% year-to-date. U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 4.47%, up slightly from 4.44% last week. The 30-year treasury bond yield ended the week at 4.60%, almost unchanged from 4.59% last week. We watch bond yields because mortgage rates follow bond yields. Mortgage rates – Mortgage rates dropped for a sixth straight week. They are now down almost one full percentage point since hitting a 23-year high of 8.25% in October. The Freddie Mac Primary Mortgage Survey reported that mortgage rates for the most popular loan products as of November 22, 2023, were as follows: The 30-year fixed mortgage rate was 7.29%, down from 7.44% last week. The 15-year fixed was 6.67%, down from 6.76% last week. Rates dropped all week. U.S. existing-home sales – The National Association of Realtors reported that existing-home sales totaled 3.79 million units on a seasonally adjusted annualized rate in October, down 14.6% from an annualized rate of 4.44 million in October 2022. The median price for a home in the U.S. in October was $391,800, up 3.2% from $378,800 last October. There was a 3.6-month supply of homes for sale in October, up from a 3.3-month supply last October. First-time buyers accounted for 28% of all sales. Investors and second-home purchases accounted for 15% of all sales. All cash purchases accounted for 29% of all sales. Foreclosures and short sales accounted for 2% of all sales.