California for-sale inventory at 2005 levels

Homes on the market in May represented just 3.5 months of supply

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Inventories of homes for sale in California continued to shrink in May, as the highest pace of sales since February 2009 reduced the supply of available homes to just 3.5 months — down from 4.2 months in April and 5.7 months at the same time a year ago.

Many housing analysts view a six-month supply of homes as a good balance of supply and demand — anything less means there are not enough homes to meet demand.