Altadena This week the median list price for Altadena, CA 91001 is $1,250,000. Market Action Index is hovering around 78, which is an increase over last month’s market action index of 76. Inventory has increased to 25. 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. Pasadena This week the median list price for Pasadena, CA is $1,650,000. The Market Action Index is hovering around 63. This is less than last month’s market action index of 64. 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. Inventory has increased to...
CALIFORNIA Inventory Improving, Affordability Deteriorating High home prices and eroding affordability is expected to cut into housing demand and contribute to a weaker housing market in 2019, and the volume of homes sold in 2018 will register lower for the first time in four years, according to the California Association of Realtors (C.A.R.) housing forecast. The California median home price is forecast to increase 3.1 percent to $593,450 in 2019, following a projected 7 percent increase in 2018 to $575,800. C.A.R. forecasts a modest decline in existing single-family home sales of 3.3 percent next year to reach 396,800 units, down from the projected 2018 sales figure of 410,460. “While home prices are predicted to temper next year, interest rates will likely rise and compound housing affordability issues,” said C.A.R. President Steve White. C.A.R.’s forecast projects growth in the U.S. Gross Domestic Product of 2.4 percent in 2019, after a projected gain of 3 percent in 2018. The average for 30-year, fixed mortgage interest rates will rise to 5.2 percent in 2019, up from 4.7 percent in 2018 but will still remain low by historical standards. “The surge in home prices over the past few years due to the housing supply shortage has finally taken a toll on the market,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. Abridged from C.A.R. 2019 Housing Market Forecast NATIONAL Existing-Home Sales to Stabilize and Price Growth to Continue Consumers should expect home sales to flatten and home prices to continue to increase, though at a slower pace, according to the National Association of Realtors (NAR). “Ninety percent of markets are...
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