According to recent report from CAR, existing sale of single family homes reported in May showed an increase of 35.2%, while the median home price declined by 30.4%.  The statewide median price of an existing single family home increased 4.2% in May. 

Statewide Median Home Price May 2009

• Sngle Family Home $267,570
• Condo $236,660

Home prices are affordable for first time home buyers, plus the low mortgage rates and buyer tax credits are bringing many people out into the real estate market.  And buyers may not get a chance like this again for a long time. 

The 10 cities in California with the highest median home price in May 2009 were:

• Los Altos $1,484,000
• Palo Alto $1,400,000
• Cupertino $965,000
• Santa Barbara $870,750
• danville $785,500
• Los Gatos $769,500
• Santa Monica $740,000
• Arcadia $700,000
• Campbell $691,000