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LOCAL REAL ESTATE MARKET UPDATE FOR APRIL 2019

BY TAMMYE MCDUFF

Los Angeles County’s Gateway Cities cover a stretch of land along the southeast edge of the County, bordering Orange County. The diverse collection of 27 cities and communities represents some of the area’s most delightful neighborhoods as well as many thriving industrial and manufacturing areas.

The region is best known for its international trade facilitated by the Ports of Long Beach and Los Angeles where over 14 million containers of cargo were transported in 2012. Once named for their role as ‘portals to prosperity’ the areas housing, as are most real estate markets in Southern California, beginning to see fewer home owners.

Housing prices fell last month in the Los Angeles, Orange and San Diego counties which were reported in the California Association of Realtors’ housing report, released April 16th. It’s the first year-over-year price drop for the Gateway cities area in seven years and the third in Orange County in the past four months. House sales, meanwhile, were down in all major regions in the state – falling 12 percent year over year in the Los Angeles metro area. 

“March’s price and sales declines occurred even though the economy remains strong and despite recent drops in mortgage rates,” said La Mirada Real Estate broker Noel Jaimes, “low mortgage rates may yet reignite demand during this year’s spring home buying season, when sales typically are at their highest.”  

A few experts believe the California housing market is well past its peak. Yet economics, demographics, buyer/ demand and last two months sales stats seem to contest that idea. Millions of apartments need to be built in the next decade, to satisfy an insatiable housing crisis demand. 

According to the Mercury News, California’s economy grew 4.7 percent in a 12 month period compared to the national rate of 2.8 percent. It could grow at a 2.5 percent pace in the next six months, faster than the national 1.59 percent. 

Note: No Data Available for the City of Commerce due to the low sale activity in the city. On average three or less properties are sold per month.

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