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flag California home sales in early 2026 hit record lows since 2009 due to high rates, low inventory, and affordability issues.

flag California homebuying activity in early 2026 has dropped to levels lower than those seen during the peak of the Great Recession, driven by persistently high mortgage rates and affordability challenges. flag Data from the California Association of Realtors shows existing-home sales in January and February were the weakest since 2009, with inventory remaining tight and prices still elevated. flag Economists attribute the downturn to ongoing inflationary pressures and a lack of housing supply, which continue to hinder market recovery.

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