Pasadena Housing Market April 2019 Update: Selling prices ranged from $459,000 for a two bedroom, one bath, 966 sq ft home on Lincoln Ave. to $6,200,000 for a six bedroom, six bath, 6,689 sq ft estate at 999 S. San Rafael Ave. Last month sixty-seven Pasadena homes closed escrow.
Thirty-one of the Pasadena homes sold for over asking price, twenty-seven sold for less and nine at asking price. Fourteen of these Pasadena homes had a price reduction prior to selling and two had price increases. The absorption rate has slightly increased from last month. But continues to reflect a fairly strong seller’s market. It’s Spring selling season. The number of homes up for sale is growing, reversing an inventory shortage trend that has plagued many markets over the last few years.
“The U.S. housing market continues to cool, primarily due to some of our priciest markets moving into frigid waters. But the broader market looks more temperate as supply and demand come into balance. With mortgage rates flat and inventory picking up, we expect more buyers to take advantage of easing housing market headwinds.” – Ralph McLaughlin, Deputy Chief Economist for CoreLogic
When you look back to years of mortgage interest rates in double digits (remember 17%?) it is remarkable that rates have stayed low for so long now.