Funny how when prices were on the way up they all used the median resale, but when they go down the Case Shiller gets all the attention.
The bottom is approaching at an increasing rate in most cases.
I wonder what the CA assoc of Realtors has to say:
– Home sales decreased 29.8% in January in California compared with the same period a year ago.
– The median price of an existing, single-family detached home in California during January 2008 was $430,370, a 21.9% decrease from the $551,220 median for January 2007
– The January 2008 median price fell 9.7% compared with December’s revised $476,380 median price.
– C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in January 2008 was 16.8 months, compared with 7.6 months for the same period a year ago.
