SoCal loses 4,600 real estate jobs last month during sluggish market

Over a 12-month period, the region lost 10K property jobs, a 1.3% drop

(Photo Illustration by Steven Dilakian for The Real Deal with Getty)
(Photo Illustration by Steven Dilakian for The Real Deal with Getty)

Slow home sales across Southern California led to the loss of 4,600 real estate jobs last month.

Real estate employment in Los Angeles, Orange, Riverside and San Bernardino counties was 763,100 in March, off 4,600 from the previous month, the Riverside Press-Telegram reported, citing state employment figures.

The loss of real estate jobs over a 12-month period was 10,100, a 1.3 percent drop.

The March loss in real estate jobs bucks a trend where the month typically adds real estate hires. Between 2015 and 2019, an average of 3,460 jobs were added each March.

Across Southern California, the real estate industry’s share of 7.2 million workers was 9.6 percent last month.

Construction, with 359,200 workers in various trades, was off 3,300 last month and off 9,100 over 12 months, representing a 2.5 percent drop. 

Real estate services, with 137,700 people, declined 1,200 for the month but was up 1,000 over 12 months, a 0.7 percent gain. 

Building services, with 109,500 jobs in commercial property operations, was up 400 for the month and up 2,600 over 12 months, or a 2.4 percent gain.

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Lending, with 103,800 folks in various credit work, was off 1,000 for the month and off 4,100 over 12 months, or a 3.8 percent drop. 

Building supplies, with 52,900 sellers of equipment and materials, gained 500 jobs for the month and lost 500 over 12 months, or a 0.9 percent drop. 

Los Angeles County had 360,600 real estate jobs, off 2,400 for the month and off 5,600 over 12 months, a 1.5 percent one-year drop. Property jobs made up 7.8 percent of all L.A. workers last month, according to the Press-Telegram.

Orange County had 224,500 real estate jobs, off 200 for the month and off 1,500 over 12 months, or a 0.7 percent one-year drop. Property jobs made up 13.3 percent of all O.C. workers last month.

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(Illustration by The Real Deal with Getty)
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The Inland Empire had 178,000 real estate jobs, off 2,000 for the month and off 3,000 over 12 months, a 1.7 percent one-year drop. Property jobs equal 10.7 percent of all I.E. workers last month.

Total home sales across Southern California dropped 47 percent last year across the six-county region, with the median price falling 1 percent.

— Dana Bartholomew