The folks at ASU write
“As the housing market slows, the entry level sector basically disappears, while the move- up markets garner a larger share of the remaining activity. Thus, it is not unusual to see median prices to be fairly stable or even increase as the move-up market works to be satisfied. For July 2006, 14 percent of all recorded sales were for homes priced from $125,000 to $199,999, 45 percent for $200,000 to $299,999 and 38 percent for homes priced over $300,000.”
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