for comparable houses/condos. It's normal for the medium house price (what they reported) to continue to increase as sales drop, if house prices have increased so nobody can afford one (see California, south Florida, Boston, etc) - there are relatively fewer entry level home sales, so the medium skews up.

But plenty of people in bubblicious areas are having to drop their asking price. Just across the street from where I work, there's a Price Reduced sign on a condo (one of four condos for sale in that complex). I haven't seen a Price Reduced sign in Silicon Valley since the dot bomb implosion.

--Tony