Pasadena Real Estate Sales September 2015: Eighty-eight Pasadena home sales last month. Absorption rates continue to hover just over two months’ supply of listing inventory. The average Pasadena continues to sell over the asking price.
Pasadena Real Estate Sales September 2015 Recap:
According to a UCLA economic forecast, housing in California—already considered unaffordable to many—will become even less affordable over the next two years, with construction unable to keep up with demand. The UCLA Anderson Forecast said L.A. is only three years into a rebound that started in 2012. Home prices have since climbed 27 percent. History suggests four more years of price increases, and home values will go up another 35 percent before there is any sort of correction. The reason comes down to a fundamental imbalance. There’s a lot of job growth, but because of strict building and environmental regulations, there will be very little increase in the housing supply. This is basically because the demand is outpacing the supply.
