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June Home Sales Ebb, As Median Home Price Continues Upward Trend

LOS ANGELES (July 16) – California home sales pulled back in June as home prices continued to climb, with most regions posting healthy double-digit year-over-year gains and the statewide median price maintaining above the $400,000 mark for the third straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. “Despite a small increase in inventory, the supply of housing remains tight in most parts of the state and continues to fuel home price increases,” said C.A.R. President Don Faught.  “The surge in home prices in the past year has given homeowners with previous underwater properties an opportunity to become trade-up buyers.  However, many are finding this difficult because they either lack sufficient cash for a down payment or they are concerned that if they sell, they will have no place to go, given limited inventory.  Others may be waiting on the sidelines for values to gain even more before selling, which further contributes to tight inventory.”

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