Unsold home backlog creeps up in California
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The unsold inventory index for homes in California rose in June to 4.8 months from 4.2 months in June 2009, according to a report released Thursday from the California Association of Realtors. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. Home sales decreased 4.2 percent in June in California compared with the same period a year ago. The median price of an existing home rose 13.6 percent according to the C.A.R. report. In our Santa Clara County market the median home price was $633,000 which is up 15 percent from June 2009. The median number of days it took to sell a single-family home was 43.3 days in June as compared to 44.3 days for the same period a year ago. It was also reported that Statewide the 10 cities with the highest median home prices in California during June 2010 were: Manhattan Beach, $1.74 million; Los Altos, $1.61 million; Saratoga, $1.42 million; Palo Alto, $1.30 million; Laguna Beach, $1.23 million; Newport Beach, $1.15 million; Los Gatos, $1.04 million; Rancho Palos Verdes, $1 million; Cupertino, $980,000; and Lafayette, $946,250.
