California home prices reach 4-year high

For-sale inventory hits lowest level in 7 years

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Persistently declining for-sale home inventory helped push the median price of California homes up to its highest level in four years in August, according to a report released today from the California Association of Realtors.

Closed sales of existing single-family homes in the Golden State also saw gains, rising 2.3 percent on an annual basis in August to a seasonally adjusted annualized rate of 511,240 units. That’s a 3.4 percent decline from July, but the fifth straight month to see a year-over-year increase.