by Kathy Gibson | Aug 12, 2024 | Buying, Market, Neighborhood, Selling
With the conclusion of the Olympics, the focus of the market has shifted back to inflation concerns. This week will see the release of two inflation reports, which are anticipated to further confirm the trend of cooling prices. Additionally, a retail sales report is expected before the week’s end, providing more insights into the economy’s health. Mortgage rates had recently fallen to their lowest since April 2023 but have risen again in the past few days. Positive outcomes from these reports could potentially drive mortgage rates back down. Pasadena, CA Mon Aug 12 2024 This week the median list price for a single family home in Pasadena, CA is $1,660,000 with the market action index (MAI) hovering around 49. This is less than last month’s market action index of 53. Inventory has increased to 102. The market has been cooling off consistently for several weeks, as more homes are available and demand is less. We have begun to seen prices move lower as a result. If the MAI falls into the Buyer’s zone, it is likely that prices continue their downward trend until we see some turnaround in Market Action....
by Kathy Gibson | Sep 18, 2023 | Buying, Market, Neighborhood, Selling
Buyers and sellers’ sentiments remained virtually unchanged in August as housing market participants wait for more signals on what the Fed’s next move will be in the upcoming FOMC meeting. With the economy looking stronger than what was anticipated six months ago, interest rates will remain elevated for a little longer. Consumers could be tapped out, however, as costs of borrowing continue to rise, and their financial conditions begin to tighten up. As such, the economy will likely show more signs of slowing later this year and the Central Bank will have no choice but to cut rates starting in the first quarter of 2024. Mortgage rates will decline starting in the fourth quarter of this year and will further improve next year. The decline will likely be gradual though. Pasadena, CA Mon Sep 18 2023 This week the median list price for a single family home in Pasadena, CA is $1,462,000 with the market action index hovering around 54. This is about the same as last month’s market action index of 54. Inventory has increased to 90. Market Action Index This answers “How’s the Market?” by comparing rate of sales versus inventory. The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in market action index (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 | Aug 21, 2023 | Buying, Market, Neighborhood, Selling
Pasadena, CA Mon Aug 21 2023 This week the median list price for a single family home in Pasadena, CA is $1,499,950 with the market action index hovering around 56. This is an increase over last month’s market action index of 53. Inventory has increased to 84. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues. Altadena, CA 91001 Mon Aug 21 2023 This week the median list price for a single family home in Altadena, CA 91001 is $1,399,000 with the market action index hovering around 58. This is less than last month’s market action index of 59. Inventory has decreased to 29. The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence....
by Kathy Gibson | May 22, 2023 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling, Uncategorized
Home purchase sentiment improves as consumers’ optimism on mortgage rates amend: The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased in April to its highest level since May 2022, jumping 5.5 points to 66.8. All six of the HPSI’s components increased month over month, including the one associated with consumers’ expectations on mortgage rates. While almost half of respondents still expected mortgages rates to rise over the next year, nearly a quarter (22%) of them expect mortgage rates to go down. Pasadena, CA Mon May 22 2023 This week the median list price for a single family home in Pasadena, CA is $1,599,000 with the market action index hovering around 50. This is less than last month’s market action index of 51. Inventory has increased to 87. The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence. Altadena, CA 91001 Mon May 22 2023 This week the median list price for a single family home in Altadena, CA 91001 is $1,356,000 with the market action index hovering around 60. This is an increase over last month’s market action index of 56. Inventory has increased to 30. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues....