[Credit: Chart from Dataquick]
Appreciation down, median price up, sales volume down. Which means that your house will get multiple bids if you underprice it, that expensive houses bought with cash or jumbo mortgages still sell, and that we have too many houses on the market (including condos) that people don't want to buy. But there's more, to quote the Marshall Prentiss at Dataquick:
But we're also seeing the aftereffects of the historic housing boom of recent years. Some people were motivated by fear - fear of being priced out of the market, missing out on a 'great investment' or a great mortgage rate. They rushed to buy sooner than they otherwise would have, and that stole demand from today. It's tough to quantify, but we think it helps explain the slowdownOr what some might call a mature market, where demand will remain normal until the next boom. We keep hearing about how the housing market is not "rebounding". Who wants to rebound to that historic hell? Besides realtors.
· Bay Area home sales lowest since 1996, prices still flat [DQNews]]