Steve, when you use year over year measurements, you have to wait for one entire year to see the trend. Unlike inventory, median price does not have a seasonal component, so there is no reason to look at it year over year. I really think we should look at median prices month over month.
If you graph median prices, wouldn’t you see a downward trend for 8 consecutive months, since November 05? Isn’t that proof enough that the median is going down?
You are an appraiser – what are you seeing? Have you seen homes in Del Mar fall 30%, or do you think the 30% drop is due to fewer high end homes selling?
