Area Home Sales Fall, Lack of “Affordable Inventory” and Higher Interest Rates Blamed

By Brian Day with David Cross

Analysts are reporting a downturn in Southern California home sales, but the owner of a major Pasadena real estate firm says he isn’t losing any sleep over it.

Los Angeles County sales have tumbled by 8.5 percent below last year’s results, according to a report released Thursday by Irvine-based analytics company CoreLogic. The trend was most pronounced in Orange County, which saw a 10.9 percent drop in home sales. Ventura County sales dipped by only 1 percent.

“Home sales downshifted significantly this summer,” CoreLogic Analyst Andrew LePage said. “Sales during the June-through-August period … were the slowest for a summer in four years.”

Deasy/penner & partners President and Co-Managing director George Penner said he sees no cause for worry.

“There is no panic whatsoever,” he said. “We have a significant number of buyers who are looking for great properties, particularly in Pasadena. And quite frankly, Pasadena has always fared extremely well in many different markets.”

The market correction of 2008 and 2009 didn’t hit Pasadena nearly as hard as other areas in Southern California, according to Penner.

To read the full article visit their website here.

You Might Also Like...
Recent Posts

“The first 3 months of the year sucked”: Industry pros on LA’s luxury market slowdown

By Natalie Hoberman George Penner, CEO of Deasy Penner Podley, didn’t mince words in his description of Los Angeles’ high-end residential market. “The first three months of the year sucked,” he said. “It was terrible.” That slowdown and a wave of discounted re-listings dominated the discussion among Penner and other industry players at The Real… Keep reading

Deasy Penner Podley Welcomes Partner Brittany Morrison

deasypennerpodley is excited to announce Brittany Morrison as a new agent to our Hancock Park family. Born into a family of East Coast developers and Real Estate Agents, Brittany has always been immersed in the industry. Upon graduating from The George Washington University in D.C. with a degree in Business and Marketing and a concentration… Keep reading

Cozy 1920s cottage in Atwater Village seeks $892K

By Elijah Chiland Located just a few blocks from the Los Angeles River, this charming little Atwater Village cottage has been around since 1923 and packs plenty of charm into its 1,252 square feet of living space. Featuring hardwood floors throughout, the home has wide windows and sliding glass doors that give it a light and… Keep reading