by Kathy Gibson | Jul 17, 2023 | Buying, Market, Neighborhood, Selling
Despite interest rates that remain near 7%, the economy continues to perform well. Last week’s inflation report generated some confidence that things are improving more quickly in the Fed’s effort to tame rising prices. Consumers remain relatively optimistic and even new MBS issuances rose for the first time in over a year. The Federal Open Market Committee is set to meet next week and are expected to raise their benchmark rate 25 basis points, so mortgage rates may remain elevated over the short term. Thus far, buyers seemed to have rebounded modestly from the initial shock of rising rates and the market has grown more competitive as demand continues to outstrip supply. Pasadena, CA Mon Jul 17 2023 This week the median list price for a single family home in Pasadena, CA is $1,600,000 with the market action index hovering around 52. This is about the same as last month’s market action index of 52. Inventory has held steady at or around 89. 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 so watch changes in the market action index. If the market heats up, prices are likely to resume an upward climb. Altadena, CA Mon Jul 17 2023 This week the median list price for Altadena, CA is $1,399,000 with the market action index hovering around 59. This is an increase over last month’s market action index of 58. Inventory has decreased to 33. Home sales continue to outstrip supply and the Market Action Index...
by Kathy Gibson | Jul 10, 2023 | Buying, Market, Neighborhood, Selling
The U.S. economy survived the first half of 2023 without going into a recession, as consumers turned out to be more resilient than most economists expected. Despite going through high inflation rates, banking crisis, and debt ceiling issues in the first six months of the year, consumers remain upbeat, and their confidence recovered somewhat in recent weeks. The housing market, on the other hand, has continued to encounter headwinds since late 2022, as rates stayed elevated and housing supply remained tight. With an increase in home building activity at the national level, we could see some slight improvement in market conditions in the U.S., but tight inventory will likely remain the norm in California in the second half of the year until rates start coming down meaningfully. Pasadena, CA Mon Jul 10 2023 This week the median list price for a single family home in Pasadena, CA is $1,495,000 with the market action index hovering around 53. This is an increase over last month’s market action index of 52. Inventory has decreased to 83. 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. South Pasadena, CA Mon Jul 10 2023 This week the median list price for a single family home in South Pasadena, CA is $1,773,500 with the market action index hovering around 50. This is less than last month’s market action index of 55. Inventory has increased to 18. The market has been cooling off a bit in recent...
by Kathy Gibson | Jun 12, 2023 | Buying, Market, Neighborhood, Open House, Selling
Market Pulse Policy makers in Washington D.C. avoided a default on its debt obligations as Congress and the Whitehouse engineered a last-minute deal to raise the debt limit. In anticipation of the agreement, mortgage rates have already been heading down for several days after having risen above 7% as worries over the debt ceiling reached fever pitch. And despite higher rates in May, the U.S. labor market showed little signs of cooling down as employers added nearly 340,000 new jobs last month—well above expectations and raises the prospect that the Fed may have to raise rates one more time to help get inflation under control. Pasadena, CA Mon Jun 12 2023 This week the median list price for a single family home in Pasadena, CA is $1,549,495 with the market action index hovering around 51. This is an increase over last month’s market action index of 50. Inventory has increased to 88. Market Action Index = rate of sales vs. inventory 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 so watch changes in the market action index. If the market heats up, prices are likely to resume an upward climb. La Canada Flintridge, CA Mon Jun 12 2023 This week the median list price for a single family home in La Canada Flintridge, CA is $2,998,000 with the market action index hovering around 46. This is less than last month’s market action index of 48. Inventory has increased to 31. In the last few weeks...
by Kathy Gibson | May 30, 2023 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Tue May 30 2023 This week the median list price for a single family home in Pasadena, CA is $1,600,000 with the market action index hovering around 51. This is about the same as last month’s market action index of 51. Inventory has held steady at or around 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 so watch changes in the market action index. If the market heats up, prices are likely to resume an upward climb. Monrovia, CA Tue May 30 2023 This week the median list price for a single family home in Monrovia, CA is $1,398,000 with the market action index hovering around 61. This is an increase over last month’s market action index of 60. Inventory has increased to 23. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current...
by Kathy Gibson | May 26, 2023 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling
Did you know? California Representative Jimmy Panetta in March introduced legislation with Mike Kelly from Pennsylvania that doubles the amount of money homeowners can exclude from declaring on their taxes when they make a profit on the sale of their home. Under the “More Homes on the Market Act,” when a homeowner sells their home, they’ll be able to exclude $500k for single filers and $1 million for joint filers. It would also be indexed to inflation moving forward. Currently, the legislation only allows for single filers to exclude $250k in gains and $500k for joint filers. The amount, set in 1997, hasn’t changed in 26...
by Kathy Gibson | May 22, 2023 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling, Uncategorized
Home purchase sentiment improves as consumers’ optimism on mortgage rates amend: The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased in April to its highest level since May 2022, jumping 5.5 points to 66.8. All six of the HPSI’s components increased month over month, including the one associated with consumers’ expectations on mortgage rates. While almost half of respondents still expected mortgages rates to rise over the next year, nearly a quarter (22%) of them expect mortgage rates to go down. Pasadena, CA Mon May 22 2023 This week the median list price for a single family home in Pasadena, CA is $1,599,000 with the market action index hovering around 50. This is less than last month’s market action index of 51. Inventory has increased to 87. The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence. Altadena, CA 91001 Mon May 22 2023 This week the median list price for a single family home in Altadena, CA 91001 is $1,356,000 with the market action index hovering around 60. This is an increase over last month’s market action index of 56. Inventory has increased to 30. 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....