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Home Sales Drop to 11-Year Low, Number Plunges 17% from Previous Year

The housing market in Southern California took another hit last month as sales plunged 17% from a year earlier, according to a CoreLogic report released Wednesday. New data shows a total of 12,665 new and existing houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in January 2019.

The number is down 19.8% month-over-month from 15,794 sales in December 2018, and down 17.1% year-over-year from 15,280 sales in January 2018. Total SoCal home sales in January were the lowest for that month since January 2008, when 9,983 homes were sold. Sales have fallen on a year-over-year basis for the last six consecutive months, and in eight of the last 10 months.

CoreLogic analyst Andrew LePage notes “Buyer enthusiasm during this period was dampened by a variety of forces, including affordability constraints, stock market volatility, concerns home prices might have peaked, and uncertainty triggered by the partial federal government shutdown that began on Dec. 22, 2018. However, this January’s slowdown was likely tempered by a significant drop in mortgage rates that began in December, improving affordability at a time when inventory was up year over year.”

 

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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