I certainly agree that one month stats based on 6 sales using a median number for Newport for example, means nothing at all. When I owned my prior home in Newport Coast, I watched that stat swing up and down monthly, at times almost 50% up and down. Prices are declining there but very slowly. If history repeats itself, the nicer areas will get hit less than the less desirable areas. Those hoping for a Del Mar fire sale are going to be disappointed, other than maybe a few properties here and there. They all won’t drop en masse a huge percentage. For facts, just examine the last drop and what areas went down the most.
The opinion that it will be different this time, may be right, but it is not based on what has historically occurred.
