The month of August has typically began the end of the summer selling season. However this August has been anything but typical. As a matter of fact, the real estate market for the last couple of years has been anything but typical. As we report the Pasadena home sales for the month of August we begin to see a couple of developments taking shape, one positive and one negative.
On the positive side, unit sales for the July-August period are the highest they have been all year. Could the fact that median home prices continue to fall have something to do with that? Median prices took one of the biggest monthly declines that we have seen in the last several months. As banks continue to deal with repossessed inventory, the market for homes in the high $300's and low $400's has reestablished, something we have not seen in quite some time. Median home prices for Pasadena real estate are levitating between 2004 and 2005 levels.
The specifics of the Pasadena real estate market has been recapped and offered in a new format this month. I think you will find the data easier to understand. Sometimes numerical data has a tendency to run together and can be hard to comprehend. This new slide format makes it much more understandable and I believe much more visually appealing.
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