Friday’s Market Watch
2020 Market Predictions
Housing Market 2020 Predictions After a cooling-off period in 2019, home prices regained momentum and are expected to further increase in 2020. How much? A cohort of economists at the National Association of Realtors Forecast Summit predicts a 3.6 percent rise; ULI predicts 2.5 percent, Zillow estimates 2.8 percent and Realtor.com 0.8 percent. The California Association of Realtors (CAR) believes the median home price in California likely will increase by 2.5% to $607,900 in 2020, slowing from a projected 4.1% annual gain in 2019. The group predicts sales of existing single-family homes will increase 0.8% in 2020 to reach 393,500. While low mortgage rates make it easier for buyers to afford homes, this is being offset by the possibility of an economic contraction due to international trade concerns, said Jared Martin, president of CAR. “Buyers have more purchasing power than in years past, but they may be reluctant to get off the sidelines because of economic and market uncertainties.” “California’s housing market will be challenged by changing migration patterns as buyers search for more affordable housing markets, particularly by first-time buyers, who are the hardest hit, moving out of state,” said CAR Senior Vice President and Chief Economist Leslie Appleton-Young. “With California’s job and population growth rates tapering, the state’s affordability crisis is having a negative impact on the state economically as we lose the workers we need most such as service and construction workers, and teachers.” What are the experts saying? “Housing remains a solid foundation for the U.S. economy going into 2020. Although economic output is expected to soften—influenced by clouds of uncertainty in the global outlook,...
Pasadena Market Snapshot February 15, 2016
The median list price of a home in Pasadena this week is $899,000. Home sales continue to outstrip supply, which confirms this is still a sellers market. There are 232 homes listed for sale in Pasadena today, and 155 properties currently in escrow. For a link to this week’s full report, click here. Information provided by Altos...
Pasadena Market Snapshot February 8, 2016
The median list price in Pasadena is currently $869,000. There are 231 residential homes (single family + condos, townhomes, lofts) currently for sale, and 148 properties in escrow. The volume of home sales continues to out-strip supply, which means we are definitely in a seller’s market. Median home prices have plateaued, and inventory is up slightly. Click here to see the report in its entirety. Report courtesy of Altos...