“This is the new normal,” said California Association of Realtors vice president and chief economist Leslie Appleton-Young as she presented the association’s 2017 housing market forecast today. According to the forecast, 2016 existing-home sales were strong at the beginning of the year but quickly slowed due to tight inventory and skyrocketing median existing-home sales prices, which blew past the last cyclical price peaks by as many as 38.9 percentage points in some regions …
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