Data released last week for the U.S. economy shows that the labor market is gradually slowing down. However, while the job count declined from the prior month, the March report was still strong overall. Wages inched up from a year ago at the slowest pace in 20 months, and labor force participation rose to the highest level since March 2020, while unemployment rate dropped to 3.5%. The jobs report, while delivering some good news on the inflation front, could be just enough to prompt the Fed to raise the fed funds rate by an additional 25bps in their next meeting in May. Lastly, while consumer confidence in the housing market bounced back, it remained near historic lows, which suggests that the market will likely see a more gradual recovery as it enters the spring home buying season.
Tue Apr 11 2023
This week the median list price for Pasadena, CA is $1,749,000 with the market action index hovering around 47. This is an increase over last month’s market action index of 45. Inventory has decreased to 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 and prices have recently resumed upward pressure.
La Crescenta, CA
Tue Apr 11 2023
This week the median list price for La Crescenta, CA is $1,390,000 with the market action index hovering around 63. This is an increase over last month’s market action index of 59. Inventory has decreased to 11.
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.