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California home sales drop in August

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According to the Central Valley Business Times, California single-family and condominium sales, including distressed and non-distressed properties, declined 1.8% in August from July, while increasing 1.5% year-over-year.

“What caught my eye this month is both sales volume and prices fell simultaneously for the first time since January,” says Madeline Schnapp, director of economic research for PropertyRadar. “The pop in borrowing costs beginning mid-June has definitely impacted market activity, reducing demand and pushing down prices.”

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