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What does a 16% drop really mean?

This past "Holiday Season" may have been just that. Realtors, all of whom we know have the memory of fleas, seem to forget that "Holiday Season" was once the time to take off for Cabo.

Curiously, the Chronicle never mentions that house prices have gone down 6.4% from last December (thanks, Dataquick!) On the other hand, it may be that buyers are leery of committing at the top of the market. And a drop in sales will have mortgage companies all in a swivet, so while interest rates may not go down, will the upfront price of a mortgage drop soon as well?

? Bay Area Home Sales Down [SF Chronicle]
? Bay Area Prices [Dataquick]