Realtor®

Monday Market Stats Sept 9

Monday Market Stats Sept 9

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...

Monday Market Stats August 19

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....

Monday Market Stats.. a day late!

In January 2024, California’s real estate market showed promising signs of improvement, with both housing supply and buyer demand on the rise. Although the market may encounter challenges in the upcoming months due to fluctuating mortgage rates, there is optimism surrounding the lending environment for the year. It is anticipated that rates will become more favorable as inflation stabilizes in the second quarter, potentially leading to a surge in sales during the spring homebuying season as pent-up demand is unleashed. Pasadena, CA Tue Feb 20 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 51. This is about the same as last month’s market action index of 51. Inventory has held steady at or around 70. 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...

Monday Market Stats Feb 12

Pasadena, CA Mon Feb 12 2024 This week the median list price for a single family home in Pasadena, CA is $1,720,000 with the market action index hovering around 51. This is less than last month’s market action index of 52. Inventory has increased to 69. The Federal Reserve decided to keep interest rates steady at their recent meeting. They indicated that they will closely watch for signs of improving inflation before considering any cuts. However, better-than-expected employment figures for January caused 10-year Treasury prices to drop, leading to an increase in bond and mortgage rates last week. This suggests that the expected rate cuts may not happen as quickly as anticipated. Despite this, weekly pending sales numbers reveal that consumers are making the most of the recent rate relief we experienced last month. As we head into the spring home buying season, we could see a rise in closed sales in the coming...

Monday Market Stats Feb 5

The economic data from last week illustrates the consistent outperformance of the U.S. economy, defying earlier gloomy forecasts of slower growth in 2023. Despite the upward pressure on mortgage rates due to the stronger economy, the average 30-year fixed-rate mortgage remains below 7%, maintaining its position since early December. This has contributed to a revitalization of the housing market, with pending sales increasing for the first time since rates hit bottom in early 2021. However, the resurgence in housing demand has not been met with an equivalent increase in supply, leading to heightened competition in the California market once again. Sellers are less inclined to reduce prices, resulting in a continued upward trend in the median price that began last summer. Pasadena, CA Mon Feb 05 2024 This week the median list price for a single family home in Pasadena, CA is $1,749,000 with the market action index hovering around 51. This is less than last month’s market action index of 53. Inventory has increased to 73. Home 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...