The Federal Reserve kept the fed funds rate unchanged at their last meeting, pointing to a robust economy and stagnant inflation. However, a disappointing 175k job additions hint at a cooling labor market. With the Fed signaling rate hike unlikelihood and weaker jobs data, mortgage rates fell to early April lows, raising hopes for declining rates in H2 2024.
Pasadena, CA
Mon May 13 2024
This week the median list price for a single family home in Pasadena, CA is $1,982,000 with the market action index hovering around 57. This is an increase over last month’s market action index of 54. Inventory has increased to 78.
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 trend.