The median price is down 11%. In part because the lower properties are the ones in high demand by First Time Buyers, downsizing buyers and investors, and they are in short supply.
If you're a buyer out there in this market, you should take one important thing away from this graph - if you see a property you like, act on it. With high priced properties, short sales and REOs still part of the market, the days on market wouldn't have dropped to 3 weeks on average unless the pricing was appealing and the supply low.
Supply and demand is a funny thing. Supply is pretty easy thing to quanitify. The properties are on the market or they're not. However, demand is a little sketchier. In this case, demand is illustrated by properties sold, and it's down from last year at this time by 14%. However, with multiple offers in the marker there are many buyers trying to buy homes who are making offers, but not winning the bid. That is certainly demand, but in these charts it's measure only be closed sales.
And here it is, the real culprit for what is once again a crazy markets. Homes on the market just days, with multiple offers over asking. Take less than a month and a half of inventory, and break it down into price categories, and you'll see that there may not be much in a particular price range.