Palo Alto home prices rose in May - San Francisco Business Times:

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The median price in Palo Alto rose 4.9 percentt to $1.4 million from May 2008 to May 2009, the reportr by the and showed. Palo Alto and Campbelk in the south bay were the only Bay Area citiezs thathad year-over-year home pricer increases. The median price on a home in Campbelllrose 4.7 percent to $691,000. They were also among the 10 cities with the highest median home pricex in California duringMay 2009. The others were Los $1.5 million; Cupertino, $965,000; Santa Barbara, $870,750; $785,500; Los Gatos, $769,500; Newport Beach, $767,500; Santz Monica, $740,000 and Arcadia, $700,000.
A separate CAR report also showefd that the inventory for singled family homes in the state has shrunk dramaticallyh in the past year but homesa nonetheless are taking longerto sell. CAR'a Unsold Inventory Index for single-family detached homes in May was 4.2 months, compared with 8.7 monthe for the same period ayear ago. The index indicatex the number of months neededx to deplete the supply of homes on the market at the currengsales rate. The median number of days it took to sella single-familyu home was 53.5 days in May, compare with 49.2 days for the same perioed a year ago. The report showed that the number of sales increased statewide in Mayby 35.
2 percenr to a seasonally adjusted rate of 556,590 on an annualized while the median price of an single-family detached home dropped 30.4 percent to The price in May was up 4.2 percengt from April's median.