It seems like inflation might be cooling off for the rest of the year, which could help stabilize mortgage rates. The Federal Reserve decided to keep rates steady for now, but they’re expected to cut them later this year, just not as much as we initially thought. As a result, home sales should improve in the second half of the year, though the growth will be slower than previously projected.
Pasadena, CA
Mon Jun 24 2024
This week the median list price for a single family home in Pasadena, CA is $1,890,000 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 98.
The market has started cooling and prices have recently plateaued. 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.