The real estate market report for Pasadena in August shows declines in both home sales and prices compared to the previous year. The median price for single family homes decreased 19% and the number of homes sold decreased 6.7%. Townhomes and condominiums also saw decreases in median price and units sold. Current inventory levels remain high, with homes taking longer to sell. The report predicts that prices will continue to fall until inventory levels decrease in order to stimulate more home sales.

2. up 2 date realestate.com Single Family Homes Median Price 2008 $650,000 2007 $805,000 % Change (19%) This is a large decrease for one month

3. up 2 date realestate.com Number of Homes Sold 2008 69 units 2007 74 units % Change (6.7%) Average Days on Market current days on market / cumulative days on market 2008 86 / 133 2007 55 / 91 % Change 56% / 46% Home sales have declined 17 of the last 19 months Homes are also taking longer to sell

4. up 2 date realestate.com Current Inventory of Single Family Homes Number Median Price Days/Mkt Active 377 $685,000 89 Contingent 51 $595,000 94 Pending 64 $499,500 64 Homes under contract are less than current Median $’s

6. up 2 date realestate.com Number of Units Sold 2008 35 units 2007 47 units % Change (26%) Average Days on Market current days on market / cumulative days on market 2008 82 / 122 2007 78 / 106 % Change 5% / 15% Sales of condo/townhomes have been very slow. Look for price reductions and incentives on new construction

7. up 2 date realestate.com Current Inventory Of Townhomes & Condominiums Number Median Price Days/Mkt Active 228 $499,450 108 Contingent 22 $449,500 108 Pending 48 $390,000 112 Sales numbers may increase as prices fall

8. up 2 date realestate.com Look for prices to fall below $600.0

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11. up 2 date realestate.com Summary & Outlook for the Pasadena Real Estate Market -Declining interest rates as a result of Government takeover of FNMA/FHLMC will result in increased homebuyer activity -Home sales (units & prices) have been trending down. This will continue until inventory levels come back in line. Inventory levels have dropped in the last few months -Inventory stands at approximately 6.6 months supply of single family and about an 8.5 month supply on condo/townhomes, and remains high -Next month, look for September home sales to show a big bump both locally and nationally. The reason is that sales in September ’07 were very weak. Sales are reported on a year on year basis .