The median price of existing homes in California reached a record $369,640 in the second quarter, up 15.5% from the level recorded a year earlier, according to the California Association of Realtors.However, resales were down 3.9% to a seasonally adjusted annual rate of 575,910 from 599,060 in the second quarter of 2002, CAR said. The association said its Unsold Inventory Index for existing single-family detached homes stood at 2.3 months in the second quarter, compared with 2.1 months a year earlier. CAR can be found online at http://www.car.org.
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