California home sales cool in August

Inventory remains low as prices continue to rise

Sales of existing homes in California fell 5.1 percent from July to August, but the statewide median home price notched a sixth consecutive month of gains and inventories remained below their historic average, the California Association of Realtors reported.

At $292,960, the median price for a single-family home was up 2.6 percent from July, but down 16.9 percent from a year ago.