"you know there is some seasonality in those numbers (September to August comparisons)!"
Of course, there is "some" seasonality, but typically very little. Here is the change from August to September in 2006 and 2007. You can make your own judgements as to whether THIS September's changes represent the beginning of major price declines.
AUGUST TO SEPTEMBER CHANGES
Median Months Year Prices Inventory 2006 -1.38% +0.0 2007 -5.66% +0.9
Len
Sept Aug Sept07/06Single Family Sales -8.6 -4.2 -19.8--------------------------------------------------------Total Median Price (thsnds) $211.7 $224.4 $220.9Median Pct Change -5.7 -1.9 -4.2--------------------------------------------------------Units Available (mlns) 4.399 4.383 3.783Months' Worth of Supply 10.5 9.6 7.3
Warren Buffet: 5 minutes and 17 seconds of pure, unadulterated, bulletproof, flawless logic.