Median prices are not a good indicator of price levels. We’ve had this discussion many times before, Bob.
Case Shiller indexes, average/median price per square foot per zip code, etc are better indicators. Our own esmith created a case shiller type index by zip code, and for groups of zip codes, I believe.
Anyway, the median price is more of an indication of how many transactions are occurring in the lower end tier of the market versus the upper end. Clearly the lower end is a lot more active right now, dragging the median price down more than the price of the typical home has come down.
