by Kathy Gibson | Mar 11, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
Pasadena, CA Mon Mar 11 2024 This week the median list price for a single family home in Pasadena, CA is $1,765,000 with the market action index hovering around 55. This is an increase over last month’s market action index of 51. Inventory has decreased to 59. 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...
by Kathy Gibson | Feb 5, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
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...
by Kathy Gibson | Jan 29, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
In 2023, the housing market faced challenges due to low supply and high borrowing costs. However, with easing inflation and a soft economic outlook, interest rate cuts are expected in 2024, which could lead to a housing market recovery. As rates declined to a 7-month low, Americans are feeling more positive, and an increase in market activity is anticipated. Home prices are expected to continue rising due to tight supply, with a mid-single-digit year-over-year growth rate in the statewide median price projected for early 2024. Pasadena, CA Mon Jan 29 2024 This week the median list price for a single family home in Pasadena, CA is $1,699,000 with the market action index hovering around 51. This is less than last month’s market action index of 53. Inventory has increased to 75. 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...
by Kathy Gibson | Oct 23, 2023 | Uncategorized
Pasadena, CA Mon Oct 23 2023 This week the median list price for a single family home in Pasadena, CA is $1,674,500 with the market action index (MAI) hovering around 52. This is less than last month’s market action index of 53. Inventory has held steady at or around 90. 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 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 | Oct 16, 2023 | Buying, Market, Neighborhood, Selling
Pasadena, CA Mon Oct 16 2023 This week the median list price for a single family home in Pasadena, CA is $1,649,500 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 94. 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 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...