June had mixed reviews in the Pasadena market. Volume of single family homes was up significantly, up 23% from May 2012 and 18% year over year when compared to June 2011. This volume, while very high compared to May, is closer to the volume we saw in February and March. Volatility like this can be cause for concern, because it’s difficult to pin down the exact cause. Inventory has been down throughout the spring months, this surge in June could be an influx of inventory coupled with pent up demand from buyers who could not buy in the spring due to inventory shortages.
The month over month increase in single family prices likely confirms the suspicion about the inventory and pent up demand. Prices were up compared to May but down compared to the previous year, with condo prices down across the board.
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