Pasadena Housing Market May 2019 Update: Selling prices ranged from $500,000 for a two bedroom, one bath, 850 sq ft home on Mountain Place to $7,053,100 for a six bedroom, eight bath, 6,177 sq ft estate at 870 S. San Rafael Ave. Last month seventy-eight Pasadena homes closed escrow, eleven more than last month.
Thirty of these Pasadena homes sold for over asking price, forty-two sold for less and six at asking price. Seventeen of these Pasadena homes had a price reduction prior to selling and two had price increases. The absorption rate has decreased from last month and continues to reflect a fairly strong seller’s market. It’s Spring selling season. The number of homes listed 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
