California resale inventory shrinking

Median home price posts 8th consecutive monthly gain

Inventories of existing single-family homes in California are dwindling, reaching just 4 months of supply as sales picked up from September to October, the California Association of Realtors reported.

Home sales historically trail off during the fall and winter months, CAR said, but affordable home prices, low mortgage rates, and the extension and expansion of the federal homebuyer tax credit are expected to drive home sales through the end of the year and into early 2010.