Home Prices Buoyed by First-Time Buyers and Continued Tight Supply

Low prices, historically low mortgage rates, and tax credit incentives offered to first-time buyers,

provided support to the California housing market to remain solid in the late summer.

Despite a decline of 5.1 percent from the prior month, the seasonally adjusted annualized

sales of existing single-family homes in August exceeded 500,000 for the twelfth consecutive

month, and increased 9.0 percent year over year to 526,970 from 483,400 in the same

month of last year. For the first eight months of the year, sales were 38.2 percent ahead of

last year on a year-to-date basis.

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