What’s the latest in real estate news?
As the job market continues to show signs of easing, it is looking more likely that the Fed may not raise rates in their upcoming September meeting. With mortgage rates remaining elevated despite their downward movement in the past couple of weeks, the Fed’s hike pause would be welcome news for the housing market. Mortgage applications just started rising after five weeks of retreat, and the housing market could build on its momentum if rates continue to move sideways or even decline in the next few weeks.
Pasadena, CA
Mon Sep 11 2023
This week the median list price for a single family home in Pasadena, CA is $1,488,000 with the market action index hovering around 55. This is less than last month’s market action index of 56. Inventory has increased to 83.
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.
South Pasadena, CA 91030
Mon Sep 11 2023
This week the median list price for a single family home in South Pasadena, CA 91030 is $1,825,000 with the market action index hovering around 51. This is an increase over last month’s market action index of 49. Inventory has decreased to 10.
While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend persist.