U.S. home price growth slows for first time in five months
Joseph Beckerle and Pooneet Kant (CTC, Compass, iStock)
Compass is growing in the Golden State.
This time the brokerage announced that it has signed a definitive agreement to acquire Consumer’s Title Company of California, a title and escrow provider licensed in all of California’s 58 counties.
Consumer’s Title has three offices across the state: Westlake Village and Santa Clarita in Southern California, and Gold River, near Sacramento, in Northern California. Founded in 2007, the company has a team of over 40 escrow, title and sales managers.
The company will retain the Consumer’s Title name following the acquisition and its leadership team will remain in their current roles.
The move expands Compass’ settlement services footprint in the region and joins the company’s portfolio of services in Florida, Washington State, Maryland, Pennsylvania, New Jersey, Virginia, Texas and Washington, D.C.
The brokerage set off on a buying spree in early 2021, spending $103.8 million to buy four brokerages, Washington D.C.-based title and escrow company KVS Title and Glide Labs, a San Francisco-based transaction management platform.
In September of that year, Compass purchased Dallas-based LegacyTexas Title.
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Compass is already the largest residential real estate brokerage in California. Nationwide, Compass agents transacted nearly a quarter of a million homes worth over $251 billion last year.
The brokerage grew its headcount to over 26,000 agents in the last quarter, including a net increase of 560 principal agents from the previous quarter. It also expanded into 25 additional markets last year.
Still, the brokerage reported a loss of nearly $175 million in the fourth quarter, up from $100 million lost in the third quarter and $40 million in the same period in 2020.
The transaction is expected to close before the end of the quarter and the terms of the deal were disclosed.
