For-sale inventory halved in California

CAR reports price up 4.2%, sales up 2.9% in May

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The for-sale inventory of homes has dropped by more than half from May 2008 to May 2009, according to the latest California Association of Realtors report on May home sales and prices.

The association’s Unsold Inventory Index for May, which measures how long it would take to sell all for-sale single-family resale homes given that month’s sales pace, suggested that the market had reversed from a buyer’s market in May 2008 to a seller’s market in May 2009.