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COVID effect: decline in sales of Southern California homes, rising prices



COVID effect: decline in sales of Southern California homes, rising prices

The number of homes sold in Southern California fell sharply in May, as a coronavirus outbreak froze the region’s housing market.

Data released Thursday by DQNews reflects an agreement that closes escrow, which means most buyers place their offers in April and even March, during the peak period of stay at home orders.

Sales that closed in May dropped 45% from a year earlier, while the average home price in the region rose 2.7%.

Experts say home sales usually fall before prices fall on the market, because sellers are reluctant to reduce prices until they have to do it.

When coronavirus outbreaks became an increasing concern, many sellers also withdrew their homes from the market, further limiting supply and making prices smaller.

However, some indications of price movements are clearly visible.

Although the average selling price in the region – the point where half the houses are sold more and half is cheaper – rose again compared to last year, it dropped 1.2% from April.

The 2.7% increase from year to year is also smaller than the 4.3% increase in April or 6.8% increase in March.

Here’s how the sales and house prices are broken down by county in May:

  • In Los Angeles County, sales fell 49.5% from a year earlier, while the average selling price rose 1.6% to $ 620,000.
  • In Orange County, sales fell 50.6%, while prices rose 4.2% to $ 750,000.
  • In Riverside County, sales fell 43.7%, while prices rose 6.5% to $ 415,000.
  • In San Bernardino County, sales fell 33.9%, while prices rose 6.7% to $ 368,000.
  • In San Diego County, sales fell 40.7%, while prices rose 3.5% to $ 590,000.
  • In Ventura County, sales fell 49.4%, while prices dropped 1.7% to $ 580,000.
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The overall economic direction will probably play a big role in whether house prices soften further. Business was reopened and more people were roaming outside when the government lifted restrictions on staying at home.

Data covering a slower period than those released by DQNews shows a reopening can be seen in the housing market too, although, as with the economy in general, any recovery is still in its infancy.

According to Redfin online brokerage, the number of houses in L.A. County entering escrow in the four weeks ended June 7 is 28% higher than the low point at the end of April, but still 32% below the previous year’s level.

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Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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