Pasadena Real Estate Market Statistics October 2015: Last month, the average price per square foot was $528 – beaten only by July’s $534.
Pasadena Real Estate Market Statistics October 2015 Recap:
Chinese buyers continue to play a big role in Pasadena real estate. As a result, their presence shapes market trends. Meanwhile, China’s economy continues to slow down. Therefore, its growing investment class looks for new places to invest. In turn, Pasadena remains a top choice. That will make U.S. real estate, already attractive to them, even more attractive. As the Chinese economy falters, Pasadena real estate will continue to be in high demand.
Of the top 100 real-estate markets in the U.S., 14 are now overvalued. More than double the number at the end of the first quarter in 2015, according to a report released on Monday by real estate analytics firm CoreLogic, which examines market data for the first half of 2015. An overvalued housing market has home prices that are 10% or more above the long-term sustainable level (which measures home affordability based on the per capita income levels in the area).
The primary driver behind the overvaluation of more housing markets is supply, says Sam Khatar, the chief economist at CoreLogic. “Builders are not building enough—they’ve focused on margins and not scale,” he says. This, in turn, has led them to focus on the upper end at the expense of the middle and lower end of the markets, where demand is strong once again, he says. Read more about the 10 Most Overvalued Housing Markets in America
