California’s housing market and employment continued to make progress in February. However, recent banking turmoil has caused some uncertainty in the market. The ongoing pressures in the financial system could lead to smaller banks tightening their lending standards, which could negatively impact housing demand. Despite this, the Fed has enacted its ninth rate hike since March 2022, but hinted that there may only be one more to come before the end of the year. This has resulted in mortgage rates falling for the second consecutive week, reaching their lowest level in a month. As a result, many buyers have been motivated to enter the market, with mortgage applications increasing for the third week in a row. In my opinion, this is a great time for potential buyers to take advantage of the lower rates and make their move into the housing market.
Mon Mar 27 2023
This week the median list price for Pasadena, CA is $1,629,500 with the market action index hovering around 47. This is about the same as last month’s market action index of 47. Inventory has decreased to 86.
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 and prices have recently resumed upward pressure.
La Crescenta, CA 91214
Mon Mar 27 2023
This week the median list price for La Crescenta, CA 91214 is $1,396,500 with the market action index hovering around 58. This is an increase over last month’s market action index of 57. Inventory has decreased to 14.
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.