Let’s examine the Pasadena real estate market for June 2024. Twenty-two of the forty-four homes sold over their asking price, five at the asking price, and seventeen less than the asking price. A four-bedroom, three-bathroom home at 1726 La Loma Rd sold for $427.14 per foot. A two-bedroom, one-bathroom at 284 Wyoming St sold for $1,381.39 per foot.
Last month, the least expensive home sold in Pasadena was a three-bedroom, two-bathroom, 1,037-square-foot located at 101 W. Washington Blvd. Last month, one of the most expensive homes sold in Pasadena was a four-bedroom, six-bathroom, 8,810-square-foot home located at 160 S. Orange Grove Blvd. The seller listed this incredible home for $6,288,000 and sold for $6,088,000 in thirty-four days.
The absorption rate remains low, reflecting a strong seller market in Pasadena.
National home prices, including distressed sales, increased year over year by 4.9% in May 2024 compared with May 2023. On a month-over-month basis, home prices grew by 0.6% in May 2024 compared with April 2024 (revisions with public records data are standard. To ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).
The CoreLogic HPI Forecast indicates that home prices will rise by 0.7% from May 2024 to June 2024. And increase by 3% year-over-year from May 2024 to May 2025.
