Harb & Co. loves number crunching! Let’s dive into the Pasadena Housing Market for August 2020:
In August, thirty-seven of the seventy-two Pasadena homes sold over asking price. Eight sold at asking and twenty-seven for less than the asking price.
Last month the least expensive Pasadena sale was a two bedrooms, one bath, 923 square foot home on 710 Mira Monte Place. It sold for $615,000. The most expensive Pasadena home sale was a four bedroom, six bath, 4,779 square foot home located at 1675 Orlando Rd. This one sold for $4,700,000, which was the asking price.
What’s most interesting to note in our Pasadena Housing Market Update is the number of days on the market. The absorption rate remains low, keeping us in a seller’s market.
According to Core Logic, In July, annual home price growth accelerated to its fastest rate in nearly two years. The one-two punch of strong purchase demand — bolstered by falling mortgage rates, which dipped below 3% for the first time ever in July — and further constriction of for-sale inventory has driven upward pressure on home price appreciation. The national HPI Forecast shows annual home price growth slowing through July 2021 reflecting the anticipated elevated unemployment rates during the next year. This could lead to an increase of distressed-sale inventory as continued financial pressures leave some homeowners unable to make mortgage payments, especially as forbearance periods come to a close.
Keep up to date on the latest real estate trends at LAreBlog.com or simply pick up the phone and give us a call.
