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Closed escrow sales of existing, single-family detached homes in California totaled 490,850 in August.  Statewide home resale activity increased 56.7 percent from the revised 313,310 sales pace recorded in August 2007.

The median price of an existing, single-family detached home in California during August 2008 was $350,140, a 40.5 percent decrease from the revised $588,670 median for August 2007, C.A.R. reported.

“Although the month-to-month decline in the median price was the smallest in a year, it’s still premature to say that the median price has begun to stabilize,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “While sales appear to have turned the corner, the median will experience additional downward pressure as we move into the off-peak season in the coming months, and will continue to face pressure from distressed sales," she said.

C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2008 was 6.7 months, compared with 10.6 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

The median number of days it took to sell a single-family home was 47.3 days in August 2008, compared with 54.7 days (revised) for the same period a year ago.