Median price doesn’t actually tell you about what home prices are doing – it’s more a reflection of what people are paying for homes – which *sounds* like the same thing – but it’s not.
Rising rates and the pending extinction of the first time / low end buyer could be the reason for a high % of sales not closing in Jan/Feb.
The pool of first time buyers is rapidly shrinking due to credit tightening and the rising ARM rates – these trade up buyers are reliant on someone buying their overpriced condo so they can leverage up. Once the first time / low end buyers dissappear the whole house of cards starts to fall….
