by Kathy Gibson | Feb 20, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
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...
by Kathy Gibson | Feb 12, 2024 | Buying, Market, Open House, Selling
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...