California Home Sales Jump 100%

Posted by: Chris Palmeri on February 26, 2009

Existing, single-family home sales increased 100.8 percent in January to a seasonally adjusted rate of 624,940, according to the California Association of Realtors. The statewide median price of an existing single-family home decreased 40.5 percent in January to $254,350

C.A.R.’s Unsold Inventory Index was 6.7 months in January, compared with 16.6 months in January 2008

· The median number of days it took to sell a single-family home was 49.9 days in January 2009, compared with 70.8 days in January 2008

Reader Comments

Ballbuster

February 27, 2009 3:02 AM

What do you get when CAR, NAR, and Palmeri share the same bed? Answer: a menage-a-troi(sic) attempt to stem the collapse of housing prices as the real estate bubble burst. The by-product of such a devilish relationship is their message that real estate prices have reached a bottom plateau. The message's main inference: buy real estate now. Unfortunate for CAR and NAR, Palmeri has dubiously fidelity due to his loss of credibility from past self-serving and misguided journalism. This type of sneaky, self-serving journalism is exemplar of Palmeri's present and past work. Analyzing his story closely, BW reader can easily see it as an info-commercial masquerade as journalism. Of course, Palmeri thinks he is clever with his sleight of hand. But BW reader who read his previous "push" on real estate knows that when real estate associations coupled with a dubious journalist, they have often produced many bastards.

oldeinvestor

March 8, 2009 3:51 AM

i think prior comment may be a bit to harsh on palmeri, but....as a REBroker of some 50yrs, i think i sold as agent the house he bot for about $2500.at the then top of the mkt in the early 1950's and it was termite infested ! i hope neighbors have upgraded.yes i know a new chevy was about $1100. then and now about $30,000. at least old house may have real 2by4s. but,( ah, but again)...figures(numbers) don't lie but liars figure (like politicians?) population tides may increase sales but prices(in current dollars) will take time, beyond my hundredth birthday !!!

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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