You make good points about the number of expired, cancelled, and withdrawn listings. I'm sure it's not easy to get anything sold right now. I do still think that median prices of resale homes, while not perfect, are the best judge of the market. Also, since there is a 2-3 month lag in reporting the statistic, I will concede that things have gotten slightly worse in the last three months.
But CNN Money says that prices in San Diego will only go down 3.3% in 2007, and 1.2% in 2008. There are a lot of homeowners, (including me), that will be very happy if that's as bad as it gets. I'm not as pessimistic about prices as most on this forum, but I'm not quite as optimistic as CNN.