by Kathy Gibson | Apr 3, 2023 | Buying, Home and Garden, Market, Open House, Selling
While home sales and employment in California continued to march forward in February, recent banking turmoil has increased uncertainty on many fronts, including the housing market. Despite declines in long-term yields, ongoing pressures in the financial system could cause smaller banks to tighten lending standards and may have an adverse effect on housing demand. The Fed, nevertheless, enacted its ninth rate hike since March 2022 but hinted there might only be one more to come before the end of the year. Mortgage rates, as a result, slid for the second consecutive week and reached their lowest level in a month. This has motivated many buyers to come off from the sidelines as mortgage applications increased for the third week in a row. Courtesy C.A.R. Los Angeles, CA Mon Apr 03 2023 This week the median list price for Los Angeles, CA is $1,400,000 with the market action index hovering around 41. This is about the same as last month’s market action index of 41. Inventory has increased to 1,111. 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. Pasadena, CA Mon Apr 03 2023 This week the median list price for Pasadena, CA is $1,697,500 with the market action index hovering around 46. This is less than last month’s market action index of 47. Inventory has decreased to 88. Market appears to have begun to cool. As we’re still notably in a Seller’s market, prices have not yet adjusted. If the market continues...
by Kathy Gibson | Mar 21, 2023 | Uncategorized
Pasadena, CA Tue Mar 21 2023This week the median list price for Pasadena, CA is $1,702,900 with the market action index hovering around 45. This is less than last month’s market action index of 46. Inventory has held steady at or around 94. The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up persistently, prices are likely to resume an upward climb. Altadena, CA 91001 Tue Mar 21 2023This week the median list price for Altadena, CA 91001 is $1,180,000 with the market action index hovering around 51. This is an increase over last month’s market action index of 49. Inventory has decreased to 25. While the Market Action Index (MAI) shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the...