What’s Been Sold and What’s For Sale in Our Community. November 13, 2024
As we move into the holiday season, the Greater Pasadena real estate market continues to show activity across all communities.
Here’s the latest on market activity, trends, and notable properties across Pasadena, South Pasadena, Altadena, and La Canada Flintridge.
Greater Pasadena Real Estate Market Summary by Community
| Community | Total New Listings | Total in Escrow | Total Sold | Median Listing Price | Price Range | Most Expensive Property | Least Expensive Property |
| Pasadena | 30 | 20 | 25 | $1,200,000 | $450,000 – $3,198,000 | 1064 Linda Vista Way ($3,198,000) | 2444 E Del Mar Blvd 202 ($450,000) |
| South Pasadena | 10 | 7 | 8 | $1,700,000 | $874,000 – $2,499,000 | 420 El Coronado St ($2,499,000) | 319 Hawthorne St ($874,000) |
| Altadena | 18 | 12 | 14 | $1,295,000 | $760,000 – $1,772,000 | 1778 Harding Ave ($1,772,000) | 834 Morada Place ($760,000) |
| La Canada Flintridge | 9 | 8 | 7 | $2,999,000 | $1,449,000 – $4,850,000 | 1135 Vista Del Valle Rd ($4,850,000) | 4526 Leata Ln ($1,449,000) |
California and National Economic Insights
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Federal Reserve Rate Cut and Market Reactions: The Federal Reserve’s recent 25-basis-point rate cut in November aims to support economic stability. While mortgage rates remain above 7%, they have started trending down, driven in part by the Fed’s ongoing cautious approach to economic cooling. As rates gradually ease, housing affordability should improve, potentially increasing buyer interest as we head into 2025.
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Consumer Confidence and Housing Sentiment: Fannie Mae’s Home Purchase Sentiment Index rose to its highest level since early 2022, with consumer confidence gaining momentum despite high interest rates. According to recent surveys, 39% of buyers expect mortgage rates to decline over the next year, reflecting optimism in both California and national markets. Higher sentiment often signals an upcoming increase in demand, as buyers feel more assured about making long-term commitments.
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Housing Affordability Improvements in California: Housing affordability in California saw a modest increase in Q3, supported by slower price growth and early signs of rate stabilization. The California Association of REALTORS® (CAR) reports that affordability climbed 2 points on a quarter-to-quarter basis, inching up to 16%. Although still low compared to historic standards, this marks an improvement from earlier this year. Seasonal price moderation toward the year-end should help keep affordability steady through Q4.
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2025-2026 Housing Market Forecast from NAR: The National Association of REALTORS® projects significant growth in home sales over the next two years, supported by stabilizing rates and a steady labor market. NAR’s Chief Economist, Lawrence Yun, anticipates that mortgage rates will gradually return to around 6% as early as 2025, supported by anticipated Fed rate cuts throughout the year. Sales are expected to increase by 9.3% in 2025 and 13% in 2026, with median home prices projected to rise modestly by 1.8% and 2.3%, respectively. This potential boost in activity is likely to benefit high-demand areas within California, especially as buyers regain purchasing power.
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Construction Spending on the Rise: U.S. construction spending grew for the second consecutive month in September, with notable gains in residential construction. Spending in the single-family home sector increased by 0.4% month-over-month, which may signal renewed builder confidence amid early rate improvements. Although multifamily housing saw a slight decline, this sector could rebound in the coming months as demand for apartments stabilizes.
Stay informed on Pasadena’s evolving real estate market with our detailed look at listings, pending sales, and economic trends. For personalized insights into your neighborhood, reach out to Hem-young deFazio at 626-825-5599. Dive into our website AroundTownPasadena.com!
