by Kathy Gibson | Aug 19, 2024 | Buying, Market, Neighborhood, Selling
The market in our area continues to be competitive, with the majority of homes selling above the asking price. Home prices are expected to continue rising, but at a slower pace compared to previous years. The likelihood that the Fed will lower interest rates soon is high, with a rate cut anticipated at the Fed’s next meeting in September. This expectation is driven by weakening job market conditions and inflation nearing the Fed’s 2% target. Pasadena, CA Mon Aug 19 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 49. This is less than last month’s market action index of 52. Inventory has increased to 106....
by Kathy Gibson | Jul 30, 2024 | Buying, Market, Neighborhood, Selling
Interest rate cuts coming? Futures Traders are certain that the Federal Reserve will announce its first rate cut by mid-September, with a 100% probability that rates will be reduced by at least 0.25%. Pasadena, CA Tue Jul 30 2024 This week the median list price for a single family home in Pasadena, CA is $1,797,500 with the market action index hovering around 52. This is less than last month’s market action index of 54. Inventory has decreased to 90. 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....
by Kathy Gibson | Jul 15, 2024 | Buying, Market, Neighborhood, Selling
Pasadena, CA Mon Jul 15 2024 This week the median list price for a single family home in Pasadena, CA is $1,877,500 with the market action index (MAI) hovering around 53. This is about the same as last month’s market action index of 53. Inventory has decreased to 84. 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....
by Kathy Gibson | Jul 1, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
Pasadena, CA Mon Jul 01 2024 This week the median list price for a single family home in Pasadena, CA is $1,880,000 with the market action index (MAI) hovering around 53. This is about the same as last month’s market action index of 53. Inventory has increased to 95. The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices....
by Kathy Gibson | Jun 24, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
It seems like inflation might be cooling off for the rest of the year, which could help stabilize mortgage rates. The Federal Reserve decided to keep rates steady for now, but they’re expected to cut them later this year, just not as much as we initially thought. As a result, home sales should improve in the second half of the year, though the growth will be slower than previously projected. Pasadena, CA Mon Jun 24 2024 This week the median list price for a single family home in Pasadena, CA is $1,890,000 with the market action index (MAI) hovering around 53. This is less than last month’s market action index of 55. Inventory has increased to 98. The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices....