California: "Housing market retreats", Inventory up 11.9% YoY

The CAR reported today: California's housing market retreats for third straight month as affordability crunch dampens demand California's housing market backpedaled in July on an annual basis for the third consecutive month as higher interest rates and rising home prices eroded housing affordability and dampened demand, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 406,920 units in July, according to information collected by C.A.R. from more than 90 local ......(read more)

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