Check out the Pasadena Home Stats for September 2018: Last month 55 Pasadena homes closed escrow. This is substantially less than last months closings of 94. Selling prices ranged from $550,000 for a two bedroom one bath on Sierra Bonita Ave. to 5,800,000 for a five bedroom, seven bath 6,670 sq ft estate at 1234 Hillcrest Ave.
Twenty-eight of the Pasadena homes sold for over asking price, five sold at asking price, and twenty-two sold for less. The median selling price was $1,095,000, which is higher than last months $972,500. The listing price on thirteen of these September home sales was reduced prior to opening escrow.
Inventory is stacking up as noted by the higher absorption rate. The 3.78% rate is the highest for the year. Severe inventory shortages have plagued many markets. In addition, new market dynamics such as tax law changes and increasing interest rates have impacted buyers.
The days of double-digit price gains for the housing market are over. With slowing sales and higher mortgage costs, home prices are no longer soaring at the rate they were a year or two ago, said Lawrence Yun, the top economist for the National Association of Realtors. Read the rest here
