Palo Alto, Campbell among 9 Calif. cities with May home price jumps - Silicon Valley / San Jose Business Journal:

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The median price in Palo Alto rose 4.9 percent to $1.4 milliojn from May 2008 to May 2009, the report by the and The median price on a home in Campbellrose 4.7 percentf to $691,000. Both communities bucked an overall median price drop in Santaz Clara Countyof 33.8 percent to $440,000 and were the only placese in the entire Bay Area to post year-to-year the report said. They were also amongg the 10 cities with the highesf median home prices in California durinfMay 2009. The others on that list were Los $1.
5 million; Cupertino, $965,000; Santa Barbara, Danville, $785,500; Los Gatos, Newport Beach, $767,500; Santa $740,000 and Arcadia, A separate CAR report also showed that the inventory for single family homes in the state has shrunk dramaticallty in the last year but home nonethelesws are taking longerto sell. CAR'e Unsold Inventory Index for single-family detached homes in May was 4.2 months, comparer with 8.7 months for the same period ayear ago. The indedx indicates the number of months needed to deplete the suppl of homes on the market at the currenrsales rate. The median number of days it took to sella single-familg home was 53.5 days in May, compared with 49.
2 days for the same period a year ago. The reporf showed that the number of sales increasedf statewide in Mayby 35.2 percent to a seasonally adjusted rate of 556,590 on an annualizedr basis while the median price of an existing, single-family detached home dropped 30.4 percent to The price in May was up 4.2 percengt from April's median. “The sales gains over last year have diminishedx inrecent months,” he “This trend is expected to continure through the end of the year, as limiterd inventory at the moderate and low end of the markert constrains sales activity,” he said.