Southern California’s real estate hiring runs 55% above average

Southern California’s real estate bosses seemingly ignored pricey mortgage rates in June, hiring at a pace that was 55% faster than the seasonal norm.

My trusty spreadsheet found property-linked employment in Los Angeles, Orange, Riverside, San Bernardino and San Diego counties was 917,500 in June 2024 – up 6,500 for the month. In pre-pandemic 2015-19, 4,200 jobs were added in June on average.

Still, hiring is cooling, as expected, while the Federal Reserve continues to throttle an overheated economy with high interest rates.