However, I caution anyone against using the median to measure the price drops. The median is a distribution number.
As Perry said, when people spend more money, it’s not because housing prices rose, but because they got more house for their money.
As Bugs said, the price drops are already starting.
Measure the price drops by following the prices of some neighborhoods and homes over time. If data is your gig, forget the median and keep an eye on the OFHEO and Case-Shiller indices.
