An overwhelming majority of metro markets saw home price gains in the third quarter of 2022 despite mortgage rates that approached 7% and amidst declining sales, according to the National Association of Realtors’ (NAR) latest quarterly report.
Forty-six percent of 185 tracked metro areas in the US registered double-digit price increases, down from 80% in the second quarter of this year.
The national median single-family existing-home price climbed 8.6% from a year ago to $398,500. Year-over-year price appreciation decelerated when compared to the previous quarter’s 14.2%.
Half of the top 10 most expensive markets in the U.S. were in California, including the Los Angeles-Long Beach-Glendale, California. In Pasadena, according to the NAR, the average home was listed at $1,070,000 in October, selling for about 1% above list price going pending in around 38 days.
According to a current Redfin report, however, 47.2% of Pasadena homes sold above their list price, but 22.6% of Pasadena homes dropped in price.
Meanwhile, of eight sample homes sold in Pasadena during the week of December 5, 2022, six sold over list price, with the highest selling at 17% over list price, while one home sold at list price, and one selling at 3% under list price.
In October 2022, according to Redfin, Pasadena home prices were up 4.6% compared to last year, selling for a median price of $1.1M. On average, homes in Pasadena are selling after 38 days on the market compared to 35 days last year.
There were 106 homes sold in October this year, down from 134 last year.
Redfin also noted that from September 2022, through November 2022, 20% of Pasadena homebuyers searched to move out of Pasadena, while 80% looked to stay within the local area.
In fact, across the nation, 5% of homebuyers searched to move into Pasadena from outside metros. San Francisco homebuyers searched to move into Pasadena more than any other metro, followed by Chicago and New York.
At the same time, according to Redfin, of the 80% of Pasadena homebuyers who searched to stay within the Pasadena metropolitan area, San Diego was the most popular destination, followed by Las Vegas and Dallas.
