Mortgage rates have fallen recently on expectations that the Federal Reserve will begin cutting interest rates.
The previously owned home market has been hamstrung by high borrowing costs and lean inventory.
It suggests the housing market is poised to stabilize as mortgage rates decline.
A combination of still-high mortgage rates and prices is scaring off many prospective buyers.
Neighboring San Francisco ranked second among the most expensive metro areas.
The slowdown came as prices reached another record in June.
The sales pace is now at the low end of the range seen over the past year.
The supply of homes on the market is still well below the level seen before the pandemic.
The drop in building suggests residential construction may detract from economic growth.
Local groups are pushing for restrictions on new developments, saying an influx of residents has strained resources.
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