Below are a few quick graphs of the December numbers… I will note that for the second month in a row, the high tier fell most on a month-to-month basis (-2.4%).

I should also note that the tier cutoffs keep getting lower — moreso than would be accounted for by just price declines — because most of the activity is concentrated in lower-priced properties. (The cutoffs, you may recall, are arrived at by separating all the home sales into thirds by price, so the tiers will drop as more low-priced stuff sells).

Anyway, here’s a chart from the peak:

And from the beginning of the index.

And then the same two charts adjusted for CPI inflation:

Here’s a new one, suggested by a reader. It is the trend in year-over-year change, like what I do with the job numbers. While prices are still falling, the rate at which they are doing so has decelerated. A little.