I don’t think there should be any doubt left in the minds of local residents, the seasonal home selling season has returned. Little did we know or realize that it was going to be 3 years to the day when the market started to fall, or that it would correct itself 36 months later.
It was July 2006 when real estate markets began to soften. A gradual decline eventually turned into a market free fall. However, all of that appears to be behind us as we head into the back half of 2009. The good news if you are a property owner is to look at the median price. In August, months of anguish will soon come to an end as the median price scenario will correct itself. This will probably produce more of a psychological lift than a monetary, but since home buying has much to do with people’s perceptions and where they think the economy is headed it should be treated very positively. If you are in the market to buy a house, the last thing you want to hear is that home prices keep dropping. News like this could very easily make you decide to postpone your purchase. Why buy now if you feel that in a few months you can save some money?
July’s positive news about the Pasadena housing market includes
- a 26% increase in unit sales from June
- a single family median home price of $600,000
- a strong August based upon the homes in escrow
- and another strong performance in the townhome and condominium market
The presentation below includes a 5 year pricing history in terms of median prices and unit sales for the Pasadena real estate market.