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Mortgage rates remain near record lows

Number of existing homes sold in July drops as tight inventory puts a squeeze on sales - The California Association of Realtors reported that the number of existing homes sold in California declined 4.1% from June's sales pace and 5.1% from last July's annualized rate as historically low inventory levels dragged down sales. The statewide median price in July was $509,830 which was down 1.8% from June and up 3.9% from July 2016.  The unsold inventory index edged up from a 3.2 month supply in June to a 3.6 month supply in July.


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