by Kathy Gibson | Apr 11, 2023 | Buying, Market, Neighborhood, Selling
Data released last week for the U.S. economy shows that the labor market is gradually slowing down. However, while the job count declined from the prior month, the March report was still strong overall. Wages inched up from a year ago at the slowest pace in 20 months, and labor force participation rose to the highest level since March 2020, while unemployment rate dropped to 3.5%. The jobs report, while delivering some good news on the inflation front, could be just enough to prompt the Fed to raise the fed funds rate by an additional 25bps in their next meeting in May. Lastly, while consumer confidence in the housing market bounced back, it remained near historic lows, which suggests that the market will likely see a more gradual recovery as it enters the spring home buying season. Pasadena, CA Tue Apr 11 2023 This week the median list price for Pasadena, CA is $1,749,000 with the market action index hovering around 47. This is an increase over last month’s market action index of 45. Inventory has decreased to 81. 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 and prices have recently resumed upward pressure. La Crescenta, CA Tue Apr 11 2023 This week the median list price for La Crescenta, CA is $1,390,000 with the market action index hovering around 63. This is an increase over last month’s market action index of 59. Inventory has decreased to 11. Home sales continue to outstrip supply and...
by Kathy Gibson | Apr 3, 2023 | Buying, Home and Garden, Market, Open House, Selling
While home sales and employment in California continued to march forward in February, recent banking turmoil has increased uncertainty on many fronts, including the housing market. Despite declines in long-term yields, ongoing pressures in the financial system could cause smaller banks to tighten lending standards and may have an adverse effect on housing demand. The Fed, nevertheless, enacted its ninth rate hike since March 2022 but hinted there might only be one more to come before the end of the year. Mortgage rates, as a result, slid for the second consecutive week and reached their lowest level in a month. This has motivated many buyers to come off from the sidelines as mortgage applications increased for the third week in a row. Courtesy C.A.R. Los Angeles, CA Mon Apr 03 2023 This week the median list price for Los Angeles, CA is $1,400,000 with the market action index hovering around 41. This is about the same as last month’s market action index of 41. Inventory has increased to 1,111. The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence. Pasadena, CA Mon Apr 03 2023 This week the median list price for Pasadena, CA is $1,697,500 with the market action index hovering around 46. This is less than last month’s market action index of 47. Inventory has decreased to 88. Market appears to have begun to cool. As we’re still notably in a Seller’s market, prices have not yet adjusted. If the market continues...
by Kathy Gibson | Mar 27, 2023 | Buying, Market, Neighborhood, Selling
California’s housing market and employment continued to make progress in February. However, recent banking turmoil has caused some uncertainty in the market. The ongoing pressures in the financial system could lead to smaller banks tightening their lending standards, which could negatively impact housing demand. Despite this, the Fed has enacted its ninth rate hike since March 2022, but hinted that there may only be one more to come before the end of the year. This has resulted in mortgage rates falling for the second consecutive week, reaching their lowest level in a month. As a result, many buyers have been motivated to enter the market, with mortgage applications increasing for the third week in a row. In my opinion, this is a great time for potential buyers to take advantage of the lower rates and make their move into the housing market. Pasadena, CA Mon Mar 27 2023 This week the median list price for Pasadena, CA is $1,629,500 with the market action index hovering around 47. This is about the same as last month’s market action index of 47. Inventory has decreased to 86. 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 and prices have recently resumed upward pressure. La Crescenta, CA 91214 Mon Mar 27 2023 This week the median list price for La Crescenta, CA 91214 is $1,396,500 with the market action index hovering around 58. This is an increase over last month’s market action index of 57. Inventory has decreased to...
by Kathy Gibson | Mar 13, 2023 | Buying, Market, Neighborhood, Selling
Pasadena, CA Mon Mar 13 2023 This week the median list price for Pasadena, CA is $1,594,000 with the market action index hovering around 47. This is an increase over last month’s market action index of 45. Inventory has increased to 94. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues. Glendale, CA Mon Mar 13 2023 This week the median list price for Glendale, CA is $1,439,500 with the market action index hovering around 55. This is an increase over last month’s market action index of 47. Inventory has decreased to 34. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues....
by Kathy Gibson | Mar 6, 2023 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Mon Mar 06 2023 This week the median list price for Pasadena, CA is $1,599,000 with the market action index hovering around 47. This is an increase over last month’s market action index of 44. Inventory has increased to 95. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues. Sierra Madre, CA 91024 Mon Mar 06 2023 This week the median list price for Sierra Madre, CA 91024 is $2,350,000 with the market action index hovering around 45. This is an increase over last month’s market action index of 39. Inventory has decreased to 9. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing...