Getting to the bottom of the Median

Sometimes you just need to look at a chart:

…and follow it up with an article (in case you missed it).

…throw in a quote,

“It’s likely a lot of potential buyers have been sitting on the fence. There may be an uptick in sales now because mortgage interest rates have been trending up the past few weeks, and they’ll want to get in before rates go up further. Prices seem to be holding steady in most neighborhoods. It’s easier to buy a home if you don’t think it’s going to go down in value,” said Marshall Prentice, DataQuick president.

…to get to the bottom,

“The median has increased the last four months, in part because sales of lower-cost homes have dropped more than sales in other categories.”

Bay Area Home Sales Drop, Prices Up [data quick]

[note: The median on the Altos chart differs from the numbers on data quick.  We’ll try to find out why.]