I don’t have much faith right now in the accuracy of the median price info that we get from Dataquick and CAR and others, real-time observations that we share with each other currently have more impact with me.

The monthly stats we get from DQ and CAR are dated, such that the info that we’ll get in the next week for June activity from Dataquick, for example, will reflect offers made on homes back in April and May.

I’ve seen home sales in my area hit a brick wall, even with significant price reductions. But today’s market conditions will not show up in the numbers until roughly mid-September. Many potential homebuyers in September will be basing their decisions on today’s market conditions.