by Kathy Gibson | Oct 7, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
The housing market continues to adjust to the first rate cut by the Federal Reserve in years, sliding mortgage rates, and an economy that keeps surprising to the upside. Putting all of these factors together, the California Association of Realtors (C.A.R.) released its forecast for 2025 and expects both home sales and home prices to continue their upward trend. Pasadena, CA Mon Oct 07 2024 This week the median list price for a single family home in Pasadena, CA is $1,789,000 with the market action index hovering around 45. This is less than last month’s market action index of 49. Inventory has increased to 97. Market Narrative The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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 | Sep 9, 2024 | Buying, Home and Garden, Market, Selling
Pasadena, CA Mon Sep 09 2024 This week the median list price for a single family home in Pasadena, CA is $1,799,000 with the market action index (MAI) hovering around 50. This is an increase over last month’s market action index of 49. Inventory has decreased to 95. In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. 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, prices are likely to resume an upward...
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 | Aug 12, 2024 | Buying, Market, Neighborhood, Selling
With the conclusion of the Olympics, the focus of the market has shifted back to inflation concerns. This week will see the release of two inflation reports, which are anticipated to further confirm the trend of cooling prices. Additionally, a retail sales report is expected before the week’s end, providing more insights into the economy’s health. Mortgage rates had recently fallen to their lowest since April 2023 but have risen again in the past few days. Positive outcomes from these reports could potentially drive mortgage rates back down. Pasadena, CA Mon Aug 12 2024 This week the median list price for a single family home in Pasadena, CA is $1,660,000 with the market action index (MAI) hovering around 49. This is less than last month’s market action index of 53. Inventory has increased to 102. The market has been cooling off consistently for several weeks, as more homes are available and demand is less. We have begun to seen prices move lower as a result. If the MAI falls into the Buyer’s zone, it is likely that prices continue their downward trend until we see some turnaround in Market Action....
by Kathy Gibson | Jul 30, 2024 | Buying, Market, Neighborhood, Selling
Interest rate cuts coming? Futures Traders are certain that the Federal Reserve will announce its first rate cut by mid-September, with a 100% probability that rates will be reduced by at least 0.25%. Pasadena, CA Tue Jul 30 2024 This week the median list price for a single family home in Pasadena, CA is $1,797,500 with the market action index hovering around 52. This is less than last month’s market action index of 54. Inventory has decreased to 90. In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. 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, prices are likely to resume an upward climb....