The RealtyTrac staff, in collaboration with economic and real estate research firm Greenfield Advisors, today released an analysis that shows Porter Ranch, Calif., home sales have dropped 44% in the three months following the unprecedented gas leak discovery there in October of 2015.
The median home sales price in Porter Ranch also dropped by 1%. In the same period, the share of all-cash sales spiked 50%.
“Such a spike in the percentage of cash sales in an area in such a short period of time certainly indicates a market disruption,” said Dr. Clifford A. Lipscomb, Director of Economic Research at Greenfield Advisors. “Market disruption is further signified by the number of families that requested relocation out of the Porter Ranch area as well as the number of health effects reported by area residents. Also, with further research, you might find that lenders are less willing to lend on a property located in the Porter Ranch area.”