Palo Alto, Campbell among 9 Calif. cities with May home price jumps - South Florida Business Journal:

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The median price in Palo Alto rose 4.9 percentg to $1.4 million from May 2008 to May the report by the and The median price on a home in Campbellrose 4.7 percent to Both communities bucked an overall median price drop in Santza Clara County of 33.8 percent to $440,000 and were the only places in the entirwe Bay Area to post year-to-year increases, the reporr said. They were also among the 10 citiess with the highest median home pricee in California duringMay 2009. The others on that list were Los $1.
5 million; Cupertino, $965,000; Santa Barbara, Danville, $785,500; Los $769,500; Newport Beach, $767,500; Santa Monica, $740,000 and Arcadia, A separate CAR report also showed that the inventor for single family homexs in the state has shrunk dramatically in the last year but home nonethelesx are taking longerto sell. CAR's Unsold Inventory Indexc for existing, single-family detached homes in May was 4.2 compared with 8.7 months for the same period ayear ago. The indes indicates the number of monthws needed to deplete the supply of homes on the marketf at the currentsales rate. The median numberr of days it took to sella single-famil y home was 53.5 days in May, compared with 49.
2 days for the same perior a year ago. The report showed that the number of sales increased statewidr in Mayby 35.2 percent to a seasonally adjusted rate of 556,590 on an annualized basis whild the median price of an single-family detached home dropped 30.4 percent to The price in May was up 4.2 percent from April's median. “The sales gains over last year have diminished inrecent months,” he added. “This trendx is expected to continue throughn the end of the as limited inventory at the moderate and low end of the markety constrainssales activity,” he said.