Realtor®

Market Report for Altadena and Pasadena | August 11

Market Report for Altadena and Pasadena | August 11

Here is a Market Report for Altadena and Pasadena for the week of 8/11. Altadena This week the median list price for Altadena, CA 91001 is $1,048,000 with the market action index hovering around 77. This is less than last month’s market action index of 78. Inventory has increased to 33. 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. Click here to view a detailed report. Pasadena This week the median list price for Pasadena, CA 91101 is $1,590,000 with the market action index hovering around 18. This is about the same as last month’s market action index of 18. Inventory has held steady at or around 1. The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes. Click here to view a detailed...

Market Report for Altadena and Pasadena | July 28

Here is a Market Report for Altadena and Pasadena for the week of 7/28. Altadena This week the median list price for Altadena, CA 91001 is $1,099,000 with the market action index hovering around 75. This is less than last month’s market action index of 77. Inventory has decreased to 29. 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. Click here to view a detailed report. Pasadena This week the median list price for Pasadena, CA 91106 is $2,348,800 with the market action index hovering around 47. This is less than last month’s market action index of 49. Inventory has increased to 23. Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller’s zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there. Click here to view a detailed...

2019 Housing Market Forecast

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...