by Kathy Gibson | Jan 22, 2024 | Buying, Market, Neighborhood, Selling, Uncategorized
Despite a slight rise in inflation at the end of last year, the news headlines for 2024 have mostly been positive. Consumers are starting to believe that overall price growth is slowing, and there is stabilization in rates. Additionally, more homebuyers who were previously on the sidelines are returning to the market. These are encouraging signs that could jumpstart the housing market in the new year and potentially lead to a turnaround. If this positive sentiment persists and the upward momentum continues, we may witness a resurgence in market activity in the near future. Pasadena, CA Mon Jan 22 2024 This week the median list price for a single family home in Pasadena, CA is $1,595,000 with the market action index (MAI) hovering around 52. This is about the same as last month’s market action index of 52. Inventory has held steady at or around 70. The market remains in a relative stasis in terms of sales to inventory and prices have been relatively stable for a few weeks. 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...