by Kathy Gibson | Apr 11, 2023 | Buying, Market, Neighborhood, Selling
Data released last week for the U.S. economy shows that the labor market is gradually slowing down. However, while the job count declined from the prior month, the March report was still strong overall. Wages inched up from a year ago at the slowest pace in 20 months, and labor force participation rose to the highest level since March 2020, while unemployment rate dropped to 3.5%. The jobs report, while delivering some good news on the inflation front, could be just enough to prompt the Fed to raise the fed funds rate by an additional 25bps in their next meeting in May. Lastly, while consumer confidence in the housing market bounced back, it remained near historic lows, which suggests that the market will likely see a more gradual recovery as it enters the spring home buying season. Pasadena, CA Tue Apr 11 2023 This week the median list price for Pasadena, CA is $1,749,000 with the market action index hovering around 47. This is an increase over last month’s market action index of 45. Inventory has decreased to 81. 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 and prices have recently resumed upward pressure. La Crescenta, CA Tue Apr 11 2023 This week the median list price for La Crescenta, CA is $1,390,000 with the market action index hovering around 63. This is an increase over last month’s market action index of 59. Inventory has decreased to 11. Home sales continue to outstrip supply and...
by Kathy Gibson | Mar 27, 2023 | Buying, Market, Neighborhood, Selling
California’s housing market and employment continued to make progress in February. However, recent banking turmoil has caused some uncertainty in the market. The ongoing pressures in the financial system could lead to smaller banks tightening their lending standards, which could negatively impact housing demand. Despite this, the Fed has enacted its ninth rate hike since March 2022, but hinted that there may only be one more to come before the end of the year. This has resulted in mortgage rates falling for the second consecutive week, reaching their lowest level in a month. As a result, many buyers have been motivated to enter the market, with mortgage applications increasing for the third week in a row. In my opinion, this is a great time for potential buyers to take advantage of the lower rates and make their move into the housing market. Pasadena, CA Mon Mar 27 2023 This week the median list price for Pasadena, CA is $1,629,500 with the market action index hovering around 47. This is about the same as last month’s market action index of 47. Inventory has decreased to 86. 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 and prices have recently resumed upward pressure. La Crescenta, CA 91214 Mon Mar 27 2023 This week the median list price for La Crescenta, CA 91214 is $1,396,500 with the market action index hovering around 58. This is an increase over last month’s market action index of 57. Inventory has decreased to...
by Kathy Gibson | Nov 7, 2022 | Buying, Market, Selling
Pasadena, CA Mon Nov 07 2022 This week the median list price for Pasadena, CA is $1,650,000 with the market action index (MAI) hovering around 48. This is less than last month’s market action index of 50. Inventory has increased to 121. The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in market action index, 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. La Crescenta, CA Mon Nov 07 2022 This week the median list price for La Crescenta, CA is $1,186,500 with the market action index hovering around 48. This is less than last month’s market action index of 56. Inventory has held steady at or around 34. 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 prices....
by Kathy Gibson | Aug 22, 2022 | Market, Selling
Pasadena, CA Mon Aug 22 2022 This week the median list price for Pasadena, CA is $1,437,000 with the market action index hovering around 53. This is about the same as last month’s market action index of 53. Inventory has decreased to 124. The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again. La Crescenta, CA Mon Aug 22 2022 This week the median list price for La Crescenta, CA is $1,175,000 with the market action index hovering around 69. This is less than last month’s market action index of 73. Inventory has decreased to 29. The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in market action index (MAI), 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...