National Real Estate Market Trends . . . How Do We Compare in Pasadena, Sierra Madre, San Marino, San Gabriel, Alhambra and Temple City?
I hope you all had a nice holiday weekend . . . how national home prices fared we won’t know for a bit, but we did get some numbers for March. Prices have fallen over 14% from last year, reports the S&P/Case-Shiller Home Price Index:
“There are very few silver linings that one can see in the data,” says David Blitzer, chairman of S&P’s index committee. “Most of the nation appears to remain on a downward path.”
In the index’s 10 major metropolitan areas, prices fell 2.4% from February to March and 15% year over year. As per usual, Las Vegas was the ugly duckling – prices down 26% in the last year. Additionally, new home sales plunged 42% in April, year over year, but were actually up 3% from March: the first new home sales up-tick in six months.
So what happened over the same time period in Pasadena? South Pasadena? San Marino? Sierra Madre? San Gabriel? Alhambra? Temple City?
Stay tuned . . . these market reports will be filtering out in the next couple of days!
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Pasadena home prices held up pretty well all through 2007. Unit volume began to decline compared to 2006, however prices remained stable according to the numbers. It was really the beginning of 2008 that we begin to see declines in terms of median prices. I think it took a while for the year on year analysis to catch up. We continue to see increased days on market selling times and price reductions as indicated by the i-Tech MLS.