In our Pasadena community there was an inventory of 1.7 months’ of single-family homes for sale in August, down from 1.8 months in July. Pasadena hit a low inventory mark of one month’s supply in April.
The number of California listings “has reached the highest level since mid-2012,” said Leslie Appleton-Young, chief economist of the California Association of Realtors. “As housing supply loosens up with the seasonal slowdown, annual home price increases are expected to taper, as we’ve observed in the last two months,” she said in a statement.
Statewide listing inventory has grown as sellers have become tempted by rising prices. But the supply of homes for sale remains extremely low. A supply of six months is considered normal.
California’s median price for an existing single-family home was $441,330 in August, up 1.7% from July and 28.4% from a year earlier. Pasadena’s average price was up over 38% in the last year, and 3.3% from July to August. The average sold property in Pasadena was $1,024,000 in August.
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