California home sales cool in August

Inventory remains low as prices continue to rise

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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.