YOY median prices have quite an effect on the psychology of the local market. It’s that piece of data that helped people justify pulling out equity over and over. It helped make them believe that THEIR houses were really worth 3x more than 6 years earlier. Now with data like this coming out the psychology should really begin to break down.
I don’t believe in the median as a valid number in and of itself but the trending pattern of that number tends to trend with overall home prices.
