California’s unsold home inventory jumped 30%

“The unsold inventory index for existing, single-family detached homes jumped to 9.1 months in January after hovering around the long-run average of 7 months since mid-2006, the California Association of Realtors said Tuesday. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate… The median number of days it took to sell a single-family home was 75 days in January, compared with 48 days (revised) for the same period a year ago. Home sales decreased 12.6 percent in January in California compared with the same period a year ago, while the median price of an existing home increased 1.9 percent. The median price of an existing, single-family detached home in California during January was $559,640″