California: "Housing market falters for fourth straight month", Inventory up 17.2% YoY

The CAR reported: California's housing market falters for fourth straight month as high home prices take toll on demand, C.A.R. reports California's housing market dropped below the 400,000-level sales benchmark for the first time in more than two years as high home prices and eroding affordability combined to cut into housing 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 399,600 units in August, according to information collected by C.A.R. from......(read more)

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