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Monday Market Stats April 1

Monday Market Stats April 1

The economy is showing solid first-quarter growth, boosting consumer confidence in their financial well-being. However, resilient consumer spending is preventing a decrease in inflation, posing a challenge for the Fed in lowering interest rates. The central bank is still expected to cut rates by 75 bps this year, with the first cut anticipated in June. If this prediction holds true, rates should start declining more sustainably in May, potentially benefiting the spring home buying season. Pasadena, CA Tue Apr 02 2024 This week the median list price for a single family home in Pasadena, CA is $1,980,000 with the market action index (MAI) hovering around 52. This is less than last month’s market action index of 55. Inventory has held steady at or around 63. The market remains in a relative stasis in terms of sales to inventory and prices have been relatively stable for a few weeks. 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.  ...

Monday Market Stats.. a day late!

In January 2024, California’s real estate market showed promising signs of improvement, with both housing supply and buyer demand on the rise. Although the market may encounter challenges in the upcoming months due to fluctuating mortgage rates, there is optimism surrounding the lending environment for the year. It is anticipated that rates will become more favorable as inflation stabilizes in the second quarter, potentially leading to a surge in sales during the spring homebuying season as pent-up demand is unleashed. Pasadena, CA Tue Feb 20 2024 This week the median list price for a single family home in Pasadena, CA is $1,735,000 with the market action index (MAI) hovering around 51. This is about the same as last month’s market action index of 51. Inventory has held steady at or around 70. 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...