California's unsold inventory index for existing, single-family homes in February was 6.5 months, less than half the 15.3 months for the same period a year ago, while the median number of days it took to sell a home was 51.5 days compared with 69.3 days.
The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Overall, home sales increased 83 percent in February in the state compared with the same period a year ago, while the median price of an existing home fell 40.8 percent, the California Association of Realtors reported.
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