California CRE News In Your Inbox.

Sign up for Connect Daily to stay informed and save time. Connect Daily is our email publication that provides you with the latest and most relevant CRE stories of the day all in 150 words or less.

Sub Markets

Property Sectors

Topics

California  | 

California Housing Sales Jump 42% in June

California’s housing market rebounded in June with the largest month-to-month sales increase in nearly 40 years, after falling to the lowest level since the Great Recession, and the median home price set another record high, the California Association of Realtors (C.A.R.) reported on Thursday. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 339,910 units in June.

Reversing a two-month consecutive drop below 300,000 units caused by the coronavirus pandemic, June’s sales total climbed 42.4% from 238,740 in May and was down 12.8% from a year ago, when 389,730 homes were sold on an annualized basis. The month-to-month increase was the largest since C.A.R. began reporting monthly sales in January 1979.

C.A.R.’s Jeanne Radsick says, “Home sales bounced back solidly in June after hitting a record bottom in May, as lockdown restrictions loosened and pent up demand driven by record-low interest rates roared back. While the momentum is expected to be sustained as we kick off the third quarter, the resurgence in coronavirus cases remains a concern and may hinder the market recovery in the second half of the year.”

Read more at C.A.R. June Report

Connect With C.A.R.’s Radsick


Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

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 integrated marketing communications roles. He is responsible for Connect’s client content operations and public relations strategy. He is involved in a range of initiatives ranging from content strategy, message development, copywriting, Social Media and content marketing services. Dennis’s communications background in the real estate industry includes working with many of the top real estate firms – from brokerage companies, developers, homebuilders, investors, owners, lawyers, asset advisors, lenders, architects and property management firms. • Marketed more than 1 Billion Square Feet of Office Space • 70,000 Multifamily/Condo Units • 15,000 Single Family Homes • 30 Million Square Feet of Retail Space • Representing Roughly $100 Billion in Investment 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. Dennis’s agency background on integrated communications teams at many reputable agencies and has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. He formerly was President of the Public Relations Society of America’s Los Angeles of public relations professional, and served on the Board of Directors. He also taught a public relations extension course at Loyola Marymount University. Dennis’s 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.

  • ◦Sale/Acquisition
CREW-15a-Cube
New call-to-action
Valbridge-03-cube
Essensys-02-cube