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Home sales fell again in August, declining 13% year-over-year, according to research from Pacific Union International. With home sales continuing to decline in August, total home sales are down 9% for the year, according to the report. This year, the housing supply is also decreases, down 11% year-over-year in August—the largest drop in months. In addition to the supply shortage of for-sale housing, affordability issues also contributed to the decline in sales volume.

“Continually declining inventories is the main driver of slowing sales in central part of Los Angeles,” Selma Hepp of Pacific Union International tells GlobeSt.com. “At the outer parts of Los Angeles county where there was some increase in inventory, lack of affordability is holding sales back particularly in lieu of rapid price growth we’ve seen at the beginning of 2018.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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