That's not a realistic metric
it should be salary as medium home price RENT multiple -- we've been in a massive real estate bubble (caused by loose lending, low rates, ARM/Option ARM/I-O lones, etc), and it's just started to unwind in SD, LA, Bay Area, south FL, Boston, etc. Seattle is trailing California, but house prices will go down there, too.
I've already seen the price reduced signs out in the Bay Area, and we're trailing San Diego.
--Tony