Economic data released last week showed that the U.S. economy is losing momentum as the lagged effects of monetary policy tightening slow growth as intended. Retail sales and Inflation posted its second-straight monthly decline. However, prices remain elevated for core goods and services which will likely push the Fed to hike rates at their May meeting one last time by another 25 basis points. Consumers adjusted their expectations around inflation and although still relatively pessimistic overall, their long-term sentiment remains stable. Californians will continue to face inventory challenge besides in 2023, as fewer REALTORS® are listing properties ahead of the usual spring home buying season.
Mon Apr 17 2023
This week the median list price for Pasadena, CA is $1,650,000 with the market action index hovering around 49. This is an increase over last month’s market action index of 47. Inventory has decreased to 81.
The market has been strong for several consecutive weeks. Reflecting these inventory conditions, with the MAI in the Seller’s zone, it is not surprising that prices have recently resumed their climb.
Los Angeles, CA
Mon Apr 17 2023
This week the median list price for Los Angeles, CA is $1,499,999 with the market action index hovering around 42. This is an increase over last month’s market action index of 40. Inventory has decreased to 1,033.
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.