The Pasadena Housing Market appears to be confused. The sales numbers for July reflect volume typically seen in January and February, not what you would expect for the height of what is supposed to be the home selling season. Unit sales of Single Family Homes were off almost 50% compared to last July.
The median price shows an increase over last year, which I feel is attributable to what is taking place in the market. The housing market for homes priced $700,000 and above is strong and Pasadena real estate is no exception.
The weakness as we have seen in the past few months is coming form homes priced below $625,000. There were only ten homes that sold last month that fall into this category. There is currently about one hundred houses on the market that are either "for sale" or in escrow in this price range, resulting in about a ten month supply of inventory.
To give you an idea of how the Pasadena Housing Market compares with years past, just go back to July 2004, and probably the peak of the market within the last five years. There were 130 single family homes sold that month.
Oh yes, the "good old days", gone are the days of easy money.
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