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.

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