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Thursday, Nov 30, 2023

Briefs:Teledyne, Home Prices

A subsidiary of Teledyne Technologies Corp. on Monday acquired the assets of Atlas Hydrographic GmbH, a German manufacturer of marine sonar systems. Terms of the deal between Teledyne Reson GmbH, and Atlas Hydrographic, in Bremen, Germany, were not disclosed. Teledyne Reson, headquartered in Denmark, is a subsidiary of Teledyne Technologies, in Thousand Oaks. Teledyne Chief Executive Robert Mehrabian said the acquisition strengthens the company’s marine acoustic imaging business and deep water sonar capabilities. “Specifically, Atlas Hydrographic GmbH brings unique technology, including high-power, multi-ping acoustic transmitters and leading deep water sub-bottom profilers for ocean survey and marine science applications,” he said, in a prepared statement. Shares closed up 62 cents, or a fraction of 1 percent, to $96.04 on the New York Stock Exchange. Los Angeles-area home prices continue to rise, even as costs have slowed down the pace of buying, according to a report released Tuesday. The price of an existing, single-family detached home in the L.A. Metro area in July was $421,050, up more than 6 percent from the same month last year, according to the California Association of Realtors. That price represents only about a 1 percent rise from June. Association President Kevin Brown said acquisition costs are still getting in the way of a faster sales pace. “It’s encouraging that home sales have risen in the past two months, but low housing affordability and stringent underwriting standards are still holding back sales,” he said in a statement. Closed escrows statewide totaled about 398,000 units in July, down 10 percent from the same month last year. The California median price of $464,750 rose 7 percent from a year earlier and 1.6 percent from June. Inventory remains an issue locally and around the state, with enough supply only for about 4 months in the L.A. Metro area. A market is traditionally considered balanced when there is a six-month supply.

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