California housing inventories shrink

Sales pace rises 20% year-over-year in June

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The supply of existing single-family homes for sale in California dropped to 4.1 months in June as sales grew 20.1 percent from a year ago to a seasonally-adjusted annual rate of 514,110, the California Association of Realtors said.

A six-month supply of homes for sale is considered a healthy balance between buyers and sellers, with anything less considered a seller’s market. At the same time a year ago, CAR’s unsold inventory index stood at 7.6 months.