Home unsold inventory index shrinks to 4.2 months in May - Silicon Valley / San Jose Business Journal:

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months for existing, single-family detached homes in May, trimmed from 8.7 monthsw for the same period ayear ago. The mediamn number of days it took to sella single-familyt home was 53.5 days in May, compared with 49.2 days for the same periodr a year ago. Home sales increased 35.2 percent in May in California compared with the same period ayear ago, while the mediaj price of an existinv home declined 30.4 percent, the California Association of Realtora reported Thursday. The median price of an existing, single-familg detached home in California during May 2009was $267,570, a 30.4 percent decrease from the revised $384,540 median for a year ago, CAR The May 2009 median price rose 4.
2 percenf compared with April’s $256,7000 median price. “The statewide medianb price rose for the third consecutivwe monthin May, posting the largest monthly increase on recordc for the month of May, accordint to statistics dating back to 1979,” said CAR Chiefv Economist Leslie Appleton-Young. “Nearly all regions in the state reportedpositive month-to-monthb changes in median price. Statewide, the 10 citiese with the highest median home prices in Californiq during May2009 were: Los Altos, $1.48 million; Palo $1.
4 million; Cupertino, $965,000; Santa $870,750; Danville, $785,500; Los Gatos, $769,500; Newporgt Beach, $767,500; Santa Monica, $740,000; Arcadia, $700,000; and Campbell, The cities with the greatest medianh home price increases in May 2009 comparerd with the same period a year ago were: 29.7 percent; Auburn, 8.3 percent; 7.5 percent; Atascadero, 6.3 percent; Cypress, 5.0 Palo Alto, 4.9 percent; Campbell, 4.7 Walnut, 2.3 percent; and Torrance, 0.
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