We remain in a paradoxical environment where the ongoing strength of the U.S. economy raises concerns for the housing market. Strong jobs numbers last week were followed by equally strong inflation numbers this week, and then retail spending numbers exacerbated concerns that any rate cuts from the Fed would not come until the second half of the year, if at all.
Pasadena, CA
Mon Apr 15 2024
This week the median list price for a single family home in Pasadena, CA is $1,724,000 with the market action index hovering around 53. This is an increase over last month’s market action index (MAI) of 52. Inventory has decreased to 66.
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.