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Prudential California ‘rightsizes’ in slowing market

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Prudential California Realty is "rightsizing" in recognition of the market realities of slower sales, said Sherry Chris, the company's chief operating officer. "All companies are looking at what the right things to do right now are. We're rightsizing our company, looking at cost-containment opportunities and growth opportunities," said Chris. The state as a whole has seen declining sales -- the California Association of Realtors reported a year-over-year 31.7 percent decline in existing-home sales in September, and the median home price dropped 4 percent from August to September. "One of the challenges is that listings are staying on the market longer, and as such our advertising costs could increase," Chris said. The company has committed to a shift in some advertising dollars to online and away from traditional print sources, she said. The company will be advertising at the Google search engine and has also announced initiatives to place its property listings on the Google and Truli...