A measure of the supply of California houses for sale expanded slightly in August from the month before, although inventory levels remain very tight, according to a new report.
If sales continued at their August pace, the supply of existing single-family homes last month would last 3.1 months, the California Assn. of Realtors said Monday. That’s up from 2.9 months in July but down from 3.2 months last year.
The number of listings has been rising steadily in recent months and “has reached the highest level since mid-2012,” said the Realtor group’s chief economist Leslie Appleton-Young.
“As housing supply loosens up with the seasonal slowdown, annual home price increases are expected to taper, as we’ve observed in the last two months,” she said in a statement.