prices have dropped quite significantly, however the median doesn’t reflect that. The lower end of the market is dead and the only volume that is happening is on the upper end units. This explains the precipitous drop in sales volume while the median is relatively unchanged.
So don’t look at median, look at the the S&P Case Shiller index. It maps price trends on the same exact house so it’s much more of an accurate measure.
Also look at *list* prices. You can see aggressive price cuts already in some of the lower end units. Last year sub 500k 3bd/2ba SFRs in South OC were unheard of, in the last couple months they are slowly but surely showing up.
