Pasadena Home Sales July 2015: The average Pasadena home sells in under two months. Typically, homes attract multiple offers. Moreover, they often sell above the asking price. For instance, the sales-to-list price ratio has remained high over the past four months. Additionally, the low absorption rate signals a strong seller’s market. Consequently, this reflects only two months of inventory. Therefore, the current inventory would vanish in just two months without new listings. The median price indicates that half of the Pasadena homes sold for over $800,000, and the other half for less than $800,000.
Pasadena Home Sales July 2015 Recap:
Armchair analysts warn of a new housing market bubble. Complex data debunks their claims. Today’s market dynamics differ sharply from those of the bubble a decade ago. Back then, lenders handed out credit with little scrutiny. Negative amortization loans were common. Annual home sales surged beyond 8.5 million, including existing and new homes. New-home construction peaked at over 2 million units yearly. Now, stricter lending standards curb risky borrowing. Home sales hover around 5.5 million annually, reflecting cautious demand. New construction struggles to reach 1.5 million units, limited by labor shortages and high material costs. Rising interest rates further cool speculation, keeping prices grounded.
