by Kathy Gibson | Jan 29, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
In 2023, the housing market faced challenges due to low supply and high borrowing costs. However, with easing inflation and a soft economic outlook, interest rate cuts are expected in 2024, which could lead to a housing market recovery. As rates declined to a 7-month low, Americans are feeling more positive, and an increase in market activity is anticipated. Home prices are expected to continue rising due to tight supply, with a mid-single-digit year-over-year growth rate in the statewide median price projected for early 2024. Pasadena, CA Mon Jan 29 2024 This week the median list price for a single family home in Pasadena, CA is $1,699,000 with the market action index hovering around 51. This is less than last month’s market action index of 53. Inventory has increased to 75. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow...
by Kathy Gibson | Jul 24, 2023 | Buying, Home and Garden, Market, Neighborhood, Selling
Pasadena, CA Mon Jul 24 2023 This week the median list price for a single family home in Pasadena, CA is $1,699,999 with the market action index hovering around 54. This is about the same as last month’s market action index of 54. Inventory has decreased to 81. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues. Altadena, CA Mon Jul 24 2023 This week the median list price for a single family home in Altadena, CA is $1,349,000 with the market action index hovering around 58. This is an increase over last month’s market action index of 55. Inventory has decreased to 32. The market has achieved a relative stasis point in terms of supply and demand – conditions don’t seem to be getting hotter or cooler. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as a result....
by Kathy Gibson | May 26, 2023 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling
Did you know? California Representative Jimmy Panetta in March introduced legislation with Mike Kelly from Pennsylvania that doubles the amount of money homeowners can exclude from declaring on their taxes when they make a profit on the sale of their home. Under the “More Homes on the Market Act,” when a homeowner sells their home, they’ll be able to exclude $500k for single filers and $1 million for joint filers. It would also be indexed to inflation moving forward. Currently, the legislation only allows for single filers to exclude $250k in gains and $500k for joint filers. The amount, set in 1997, hasn’t changed in 26...
by Kathy Gibson | May 22, 2023 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling, Uncategorized
Home purchase sentiment improves as consumers’ optimism on mortgage rates amend: The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased in April to its highest level since May 2022, jumping 5.5 points to 66.8. All six of the HPSI’s components increased month over month, including the one associated with consumers’ expectations on mortgage rates. While almost half of respondents still expected mortgages rates to rise over the next year, nearly a quarter (22%) of them expect mortgage rates to go down. Pasadena, CA Mon May 22 2023 This week the median list price for a single family home in Pasadena, CA is $1,599,000 with the market action index hovering around 50. This is less than last month’s market action index of 51. Inventory has increased to 87. The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence. Altadena, CA 91001 Mon May 22 2023 This week the median list price for a single family home in Altadena, CA 91001 is $1,356,000 with the market action index hovering around 60. This is an increase over last month’s market action index of 56. Inventory has increased to 30. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues....
by Kathy Gibson | May 1, 2023 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling
The economy is growing, but at a slower pace. The GDP reading for the first quarter of the year suggests that the economy expanded, but momentum fizzled out. Consumers have been holding back on retail sales and personal spending despite improving real income for nine months in a row, while labor costs and inflation have been rising due to a strong labor market. The recent bank failures have added uncertainty to the economy’s long-term health and have suppressed consumer confidence. On the bright side, the short supply of existing homes for sale has pushed more home buying activity into the newly constructed housing sector, which comprised 33.2% of total single-family housing inventory in March – almost double the average before the pandemic. Pasadena, CA Mon May 01 2023 This week the median list price for Pasadena, CA is $1,599,500 with the market action index hovering around 51. This is an increase over last month’s market action index of 47. Inventory has decreased to 82. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend. Altadena, CA Mon May 01 2023 This week the median list price for Altadena, CA is $1,224,995 with the market action index hovering around 56. This is less than last month’s market action index of 57. Inventory has increased to 30. In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep...
by Kathy Gibson | Apr 3, 2023 | Buying, Home and Garden, Market, Open House, Selling
While home sales and employment in California continued to march forward in February, recent banking turmoil has increased uncertainty on many fronts, including the housing market. Despite declines in long-term yields, ongoing pressures in the financial system could cause smaller banks to tighten lending standards and may have an adverse effect on housing demand. The Fed, nevertheless, enacted its ninth rate hike since March 2022 but hinted there might only be one more to come before the end of the year. Mortgage rates, as a result, slid for the second consecutive week and reached their lowest level in a month. This has motivated many buyers to come off from the sidelines as mortgage applications increased for the third week in a row. Courtesy C.A.R. Los Angeles, CA Mon Apr 03 2023 This week the median list price for Los Angeles, CA is $1,400,000 with the market action index hovering around 41. This is about the same as last month’s market action index of 41. Inventory has increased to 1,111. The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence. Pasadena, CA Mon Apr 03 2023 This week the median list price for Pasadena, CA is $1,697,500 with the market action index hovering around 46. This is less than last month’s market action index of 47. Inventory has decreased to 88. Market appears to have begun to cool. As we’re still notably in a Seller’s market, prices have not yet adjusted. If the market continues...