by Kathy Gibson | Oct 7, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
The housing market continues to adjust to the first rate cut by the Federal Reserve in years, sliding mortgage rates, and an economy that keeps surprising to the upside. Putting all of these factors together, the California Association of Realtors (C.A.R.) released its forecast for 2025 and expects both home sales and home prices to continue their upward trend. Pasadena, CA Mon Oct 07 2024 This week the median list price for a single family home in Pasadena, CA is $1,789,000 with the market action index hovering around 45. This is less than last month’s market action index of 49. Inventory has increased to 97. Market Narrative The market has been cooling over time and prices have recently flattened. 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. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on...
by Kathy Gibson | Sep 9, 2024 | Buying, Home and Garden, Market, Selling
Pasadena, CA Mon Sep 09 2024 This week the median list price for a single family home in Pasadena, CA is $1,799,000 with the market action index (MAI) hovering around 50. This is an increase over last month’s market action index of 49. Inventory has decreased to 95. 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...
by Kathy Gibson | May 13, 2024 | Buying, Market, Neighborhood, Open House, Selling
The Federal Reserve kept the fed funds rate unchanged at their last meeting, pointing to a robust economy and stagnant inflation. However, a disappointing 175k job additions hint at a cooling labor market. With the Fed signaling rate hike unlikelihood and weaker jobs data, mortgage rates fell to early April lows, raising hopes for declining rates in H2 2024. Pasadena, CA Mon May 13 2024 This week the median list price for a single family home in Pasadena, CA is $1,982,000 with the market action index hovering around 57. This is an increase over last month’s market action index of 54. Inventory has increased to 78. 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....