by Kathy Gibson | Feb 26, 2024 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Mon Feb 26 2024 This week the median list price for a single family home in Pasadena, CA is $1,678,500 with the market action index hovering around 49. This is less than last month’s market action index of 51. Inventory has held steady at or around 76. The market has been cooling over time and prices have recently flattened. 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 suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on...
by Kathy Gibson | Feb 12, 2024 | Buying, Market, Open House, Selling
Pasadena, CA Mon Feb 12 2024 This week the median list price for a single family home in Pasadena, CA is $1,720,000 with the market action index hovering around 51. This is less than last month’s market action index of 52. Inventory has increased to 69. The Federal Reserve decided to keep interest rates steady at their recent meeting. They indicated that they will closely watch for signs of improving inflation before considering any cuts. However, better-than-expected employment figures for January caused 10-year Treasury prices to drop, leading to an increase in bond and mortgage rates last week. This suggests that the expected rate cuts may not happen as quickly as anticipated. Despite this, weekly pending sales numbers reveal that consumers are making the most of the recent rate relief we experienced last month. As we head into the spring home buying season, we could see a rise in closed sales in the coming...
by Kathy Gibson | Feb 9, 2024 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling, Uncategorized
California Association of Realtors 2024 Housing Market Forecast California housing market will rebound in 2024 as mortgage rates ebb. Existing, single-family home sales are forecast to total 327,100 units in 2024, an increase of 22.9 percent from 2023’s projected pace of 266,200. California’s median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022’s $822,300. Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023. LOS ANGELES (Sept. 20) – Slower economic growth and cooling inflation will bring down mortgage interest rates in 2024 and create a more favorable market environment to spur California home sales next year, according to a housing and economic forecast released by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The baseline scenario of C.A.R.’s “2024 California Housing Market Forecast” sees an increase in existing single-family home sales of 22.9 percent next year to reach 327,100 units, up from the projected 2023 sales figure of 266,200. The 2023 figure is 22.2 percent lower compared with the pace of 342,000 homes sold in 2022. The California median home price is forecast to rise 6.2 percent to $860,300 in 2024, following a projected 1.5 percent dip to $810,000 in 2023 from $822,300 in 2022. A persistent housing shortage and a competitive housing market will continue to put upward pressure on home prices next year. “2024 will be a better year for the California housing market for both buyers and sellers as mortgage interest rates are expected to decline next year,” said C.A.R. President Jennifer Branchini, a...
by Kathy Gibson | Aug 7, 2023 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Mon Aug 07 2023 This week the median list price for a single family home in Pasadena, CA is $1,596,500 with the market action index hovering around 53. This is an increase over last month’s market action index of 52. Inventory has increased to 88. 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 us in the Seller’s Market zone so watch changes in the market action index. If the market heats up, prices are likely to resume an upward climb. South Pasadena, CA 91030 Mon Aug 07 2023 This week the median list price for a single family home in South Pasadena, CA 91030 is $1,895,000 with the market action index hovering around 46. This is about the same as last month’s market action index of 46. Inventory has decreased to 14. The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising...
by Kathy Gibson | Jun 12, 2023 | Buying, Market, Neighborhood, Open House, Selling
Market Pulse Policy makers in Washington D.C. avoided a default on its debt obligations as Congress and the Whitehouse engineered a last-minute deal to raise the debt limit. In anticipation of the agreement, mortgage rates have already been heading down for several days after having risen above 7% as worries over the debt ceiling reached fever pitch. And despite higher rates in May, the U.S. labor market showed little signs of cooling down as employers added nearly 340,000 new jobs last month—well above expectations and raises the prospect that the Fed may have to raise rates one more time to help get inflation under control. Pasadena, CA Mon Jun 12 2023 This week the median list price for a single family home in Pasadena, CA is $1,549,495 with the market action index hovering around 51. This is an increase over last month’s market action index of 50. Inventory has increased to 88. Market Action Index = rate of sales vs. inventory 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 us in the Seller’s Market zone so watch changes in the market action index. If the market heats up, prices are likely to resume an upward climb. La Canada Flintridge, CA Mon Jun 12 2023 This week the median list price for a single family home in La Canada Flintridge, CA is $2,998,000 with the market action index hovering around 46. This is less than last month’s market action index of 48. Inventory has increased to 31. In the last few weeks...
by Kathy Gibson | May 30, 2023 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Tue May 30 2023 This week the median list price for a single family home in Pasadena, CA is $1,600,000 with the market action index hovering around 51. This is about the same as last month’s market action index of 51. Inventory has held steady at or around 81. 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 us in the Seller’s Market zone so watch changes in the market action index. If the market heats up, prices are likely to resume an upward climb. Monrovia, CA Tue May 30 2023 This week the median list price for a single family home in Monrovia, CA is $1,398,000 with the market action index hovering around 61. This is an increase over last month’s market action index of 60. Inventory has increased to 23. 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...