by Kathy Gibson | Aug 19, 2024 | Buying, Market, Neighborhood, Selling
The market in our area continues to be competitive, with the majority of homes selling above the asking price. Home prices are expected to continue rising, but at a slower pace compared to previous years. The likelihood that the Fed will lower interest rates soon is high, with a rate cut anticipated at the Fed’s next meeting in September. This expectation is driven by weakening job market conditions and inflation nearing the Fed’s 2% target. Pasadena, CA Mon Aug 19 2024 This week the median list price for a single family home in Pasadena, CA is $1,735,000 with the market action index (MAI) hovering around 49. This is less than last month’s market action index of 52. Inventory has increased to 106....
by Kathy Gibson | Apr 29, 2024 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Mon Apr 29 2024 This week the median list price for a single family home in Pasadena, CA is $1,980,000 with the market action index hovering around 55. This is an increase over last month’s market action index of 53. Inventory has increased to 79. 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....
by Kathy Gibson | Apr 8, 2024 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Mon Apr 08 2024 This week the median list price for a single family home in Pasadena, CA is $1,880,000 with the market action index (MAI) hovering around 53. This is less than last month’s market action index of 54. Inventory has held steady at or around 59. 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...
by Kathy Gibson | Feb 9, 2024 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling, Uncategorized
California Association of Realtors 2024 Housing Market Forecast California housing market will rebound in 2024 as mortgage rates ebb. Existing, single-family home sales are forecast to total 327,100 units in 2024, an increase of 22.9 percent from 2023’s projected pace of 266,200. California’s median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022’s $822,300. Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023. LOS ANGELES (Sept. 20) – Slower economic growth and cooling inflation will bring down mortgage interest rates in 2024 and create a more favorable market environment to spur California home sales next year, according to a housing and economic forecast released by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The baseline scenario of C.A.R.’s “2024 California Housing Market Forecast” sees an increase in existing single-family home sales of 22.9 percent next year to reach 327,100 units, up from the projected 2023 sales figure of 266,200. The 2023 figure is 22.2 percent lower compared with the pace of 342,000 homes sold in 2022. The California median home price is forecast to rise 6.2 percent to $860,300 in 2024, following a projected 1.5 percent dip to $810,000 in 2023 from $822,300 in 2022. A persistent housing shortage and a competitive housing market will continue to put upward pressure on home prices next year. “2024 will be a better year for the California housing market for both buyers and sellers as mortgage interest rates are expected to decline next year,” said C.A.R. President Jennifer Branchini, a...