From the New York Times today-
“‘Certainly, the housing market is undergoing a measurable adjustment,’ Lawrence Yun, senior economist with the Realtor association, said. The bloated inventory levels, Mr. Yun said, indicate ‘a very sudden change which I have never seen before.’”
-Lawrence Yun, NAR economist.
Earlier this year, he mentioned that he expected Seattle to achieve 30-40% median price increases. I’m no fan of economic problems, but I don’t see how the 30-40% increase in median prices will happen.