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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
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.