Realtor®

2019 Housing Market Forecast

2019 Housing Market Forecast

by | Jul 16, 2019 | Uncategorized

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...

Pasadena Market Snapshot March 7

by | Mar 11, 2016 | Uncategorized

The average price of a home in Pasadena this week is $724,000.  There are 229 properties for sale in Pasadena, and 181 properties currently in escrow.  Check out this graph, courtesy of Real Trends, to see the “nitty gritty” of what’s happening in the market this...
Pasadena Market Snapshot February 15, 2016

Pasadena Market Snapshot February 15, 2016

by | Feb 20, 2016 | Uncategorized

The median list price of a home in Pasadena this week is $899,000.  Home sales continue to outstrip supply, which confirms this is still a sellers market.  There are 232 homes listed for sale in Pasadena today, and 155 properties currently in escrow.  For a link to this week’s full report, click here. Information provided by Altos...
Pasadena Market Snapshot February 8, 2016

Pasadena Market Snapshot February 8, 2016

by | Feb 10, 2016 | Buying, Market, Neighborhood, Selling

The median list price in Pasadena is currently $869,000.  There are 231 residential homes (single family + condos, townhomes, lofts) currently for sale, and 148 properties in escrow.  The volume of home sales continues to out-strip supply, which means we are definitely in a seller’s market.  Median home prices have plateaued, and inventory is up slightly.  Click here to see the report in its entirety. Report courtesy of Altos...
Pasadena Market Snapshot February 1, 2016

Pasadena Market Snapshot February 1, 2016

by | Feb 3, 2016 | Buying, Market, Neighborhood, Selling

The median list price in Pasadena this week is $888,500.  Inventory is tightening and days-on-market is falling.  But demand as measured by the Market Action Index is also trending down.  The market is not giving strong up or down signals from these data.  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. Click here to see the report in its entirety. Report courtesy of Altos...