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.
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.
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 us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.