California home sales cool in August

(InmanNews) Sales of existing homes in California fell 5.1 percent from July to August, but the statewide median home price notched a sixth consecutive month of gains and inventories remained below their historic average, the California Association of Realtors reported.

At $292,960, the median price for a single-family home was up 2.6 percent from July, but down 16.9 percent from a year ago.

Existing single-family homes sold at a seasonally adjusted annual rate of 526,970 during August, a slower pace than July but a 9 percent increase from a year ago.

At that rate of sales, the inventory of unsold homes represented 4.3 months of supply, up from 3.9 months in July but down from seven months a year ago.

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