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.