Pasadena, CA Mon Feb 12 2024 This week the median list price for a single family home in Pasadena, CA is $1,720,000 with the market action index hovering around 51. This is less than last month’s market action index of 52. Inventory has increased to 69. The Federal Reserve decided to keep interest rates steady at their recent meeting. They indicated that they will closely watch for signs of improving inflation before considering any cuts. However, better-than-expected employment figures for January caused 10-year Treasury prices to drop, leading to an increase in bond and mortgage rates last week. This suggests that the expected rate cuts may not happen as quickly as anticipated. Despite this, weekly pending sales numbers reveal that consumers are making the most of the recent rate relief we experienced last month. As we head into the spring home buying season, we could see a rise in closed sales in the coming...
The economic data from last week illustrates the consistent outperformance of the U.S. economy, defying earlier gloomy forecasts of slower growth in 2023. Despite the upward pressure on mortgage rates due to the stronger economy, the average 30-year fixed-rate mortgage remains below 7%, maintaining its position since early December. This has contributed to a revitalization of the housing market, with pending sales increasing for the first time since rates hit bottom in early 2021. However, the resurgence in housing demand has not been met with an equivalent increase in supply, leading to heightened competition in the California market once again. Sellers are less inclined to reduce prices, resulting in a continued upward trend in the median price that began last summer. Pasadena, CA Mon Feb 05 2024 This week the median list price for a single family home in Pasadena, CA is $1,749,000 with the market action index hovering around 51. This is less than last month’s market action index of 53. Inventory has increased to 73. Home 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...
Despite a slight rise in inflation at the end of last year, the news headlines for 2024 have mostly been positive. Consumers are starting to believe that overall price growth is slowing, and there is stabilization in rates. Additionally, more homebuyers who were previously on the sidelines are returning to the market. These are encouraging signs that could jumpstart the housing market in the new year and potentially lead to a turnaround. If this positive sentiment persists and the upward momentum continues, we may witness a resurgence in market activity in the near future. Pasadena, CA Mon Jan 22 2024 This week the median list price for a single family home in Pasadena, CA is $1,595,000 with the market action index (MAI) hovering around 52. This is about the same as last month’s market action index of 52. Inventory has held steady at or around 70. 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...
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