California’s median home price for existing, single-family homes rose 2.5 percent in April to $293,570, while home sales declined 2.9 percent, compared with March, according to C.A.R.’s latest sales and price report.
In year-to-year comparisons, sales of existing, single-family detached homes rose 5 percent and the median price fell 4.4 percent.
C.A.R.’s Unsold Inventory Index stood at 5.4 months in April, up from 5.3 months in March, and up compared with April 2010’s 4.9-month supply. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
The median number of days it took to sell a single-family home in California was 53 days in April 2011, compared with 37.4 days for the same period a year ago.
Source: California Association of Realtors
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