In Pasadena’s hot real estate market, home prices have increased 28% from last year.
According to real estate information firm DataQuick, home prices in Southern California skyrocketed in June 2013 when compared to June 2012. This dramatic increase was greater than any year-over-year increase seen during the housing boom, and the most since DataQuick started tracking this specific data in January 1989.
Sales in the six-county Southland region declined slightly in June, which indicates that inventory remains extremely tight.
There are signs, however, that the dramatic increases will slow somewhat due to rising mortgage rates and the probability that the current price gains will encourage more home owners to place their houses on the market. The housing recovery began to accelerate last year as the number of foreclosures declined, and low interest rates urged home buyers into action in the middle of an improving economy. Traditional home buyers and investors have battled over an extremely low number of homes for sale, which has created bidding wars and higher prices.
The median sales price for homes in Pasadena for the past quarter was $580,500. This represents an increase of 16.1% ($80,500) compared to the prior quarter. Sales prices have appreciated 5.5% over the last five years in Pasadena. The average listing price for Pasadena homes for sale on Trulia was $1,022,348 for the week ending July 10, which represents a decline of 1.9% ($19,808) compared to the prior week and a decline of 4% ($42,573) compared to the week ending June 19. Average price-per-square foot for Pasadena increased 18.6% ($446) compared to the same period last year. Popular neighborhoods in Pasadena include North Central, East Central, South Arroyo, North Arroyo, West Central, and Mid Central.