Banks, Realtors, and developers continue to suck obscene profits out of new home buyers

The supply of available homes is shrinking across California, as prices surge and the affordability crisis deepens as a statewide concern.

In August, the median price of a single-family home rose 7.2 percent year-over-year to $565,330 in California, its highest level in a decade. That’s according to the latest report from the California Association of Realtors.

The story behind the price increases, of course, is the lack of inventory. Statewide, active listings fell 11.9 percent from the year before.

Source: Housing crisis deepens in Bay Area — and the whole state

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