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 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.