My viewpoint was not to try to illustrate that we are near a bottom at all. In fact it is opposite, my point was to illustrate that we actually are not close to being near a bottom by any means. I think eventually volume will be the best indicator we have to show that different regions are bottoming while other regions are not close to a bottom.
In any case I like just to look at data. The problem with monthly data is that in regions where there are few sales, the average price is kind of useless. The Encinitas example clearly shows this. While the “average” sales price for the month is a staggering number, I do know of ALOT of stagnation there where there are homes that have been on the market a LONG time that are in the 700-800 range.
Anyways again, the point was to demonstrate we are indeed a long ways off from the bottom, not that buyers are coming back or even close to coming back.
