California's unsold inventory index -- the number of months needed to deplete the supply of homes on the market at the current sales rate -- fell to 4.6 months in April, compared with 9.8 months a year ago.
The California Association of Realtors reported Thursday that the median number of days it took to sell a single-family home declined to 48.7 days, compared with 51.8 days in April 2008
Home sales increased 49.2 percent year over year, while the median price of an existing home declined 36.5 percent, CAR reported.
Closed escrow sales of existing, single-family detached homes in California totaled 540,360 in April at a seasonally adjusted annualized rate, according to information collected by CAR, and the median price of an existing, single-family detached home in California during April was $256,700, a 36.5 percent decrease from the revised $404,470 median for April 2008.
Statewide, the 10 cities with the highest median home prices in California during April were Santa Barbara, $870,000; Los Gatos, $870,000; Newport Beach, $853,500; Santa Monica, $820,000; Cupertino, $811,000; Danville, $725,000; Arcadia, $686,090.50; Redondo Beach, $660,000; San Clemente, $659,500; San Ramon, $630,000, and San Francisco, $625,000.
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