The median price is the last metric to move, and it has met its inflection point in July.
When I talked with Stone a few days ago, he mentioned that the weekly office meetings still focused on how to get sellers to be more realistic. This has now been the case for five weeks in a row. The “vast majority of brokers, except for a few eternal optimists,” expect prices to skid, he said. He expects a 25% correction over the next three years. And the above charts show how it starts at the subcutaneous level, for industry insiders to see, but before it turns into media-ready year-over-year declines in the median price that causes so much wailing and gnashing of teeth.
