Home sales in California have fallen for 4 months straight

Near record-high home prices are crushing demand in California, according to the latest home sales data from the California Association of Realtors (C.A.R.). The state dropped below the 400,000 sales benchmark in August, the first time in the last two years that existing, single-family detached home sales have reached that low. Home sales activity remained on a downward trend for the fourth straight month as uncertainty about the housing market continues to mount, said C.A.R. president Steve White. Buyers are being cautious and reluctant to make a commitment as they are concerned that home prices may have peaked and instead are waiting until there’s more clarity in the market.