In 2023, the housing market faced challenges due to low supply and high borrowing costs. However, with easing inflation and a soft economic outlook, interest rate cuts are expected in 2024, which could lead to a housing market recovery. As rates declined to a 7-month low, Americans are feeling more positive, and an increase in market activity is anticipated. Home prices are expected to continue rising due to tight supply, with a mid-single-digit year-over-year growth rate in the statewide median price projected for early 2024.
Mon Jan 29 2024
This week the median list price for a single family home in Pasadena, CA is $1,699,000 with the market action index hovering around 51. This is less than last month’s market action index of 53. Inventory has increased to 75.
Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit.