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...