Show Me The Money

People, greetings.
Poway just made a list of the top 10 cities "Where Home Prices Are Rising", says the well renowned Forbes Magazine. It also claims that the year over year price change has went up 27%. It has, but what do they mean by price? Do they mean how much homes sold for? Nope.
They are basing this 27% jump on median home ASKING price (Why the yelling?). That has nothing to do with sells. Who wants to buy my '78 Pinto with a missing hub cap and duct tape pin stripes? I'm ASKING (Again with the yelling) $20,000. If you don't want that my neighbor has a primer gray Ford Escort with 200,000 miles on it and a missing door. He can be talked down to $18,000.
The median home asking price (No need to yell) in Poway is a little over $864,000. That is what's active right now. If so inclined, you may buy one of these homes. The total # of single family detached homes actively on the market is 144. 96 of them are over $700,000 (Close enough to the median price). But, only 11 homes over $700,000 sold in the last 3 months. Those homes took an average of 100 days to sell (That does not count the handful of those that tried to sell earlier and re-listed). Do you see what I'm getting at? That 27% increase in asking price does not matter.
Now, in all defense of Forbes, it does go on to say that a big part of the increase in homes for sale is that all of the less expensive homes get sold quick. But, it still sees these price increases as a turn around in the housing market. It could be, but those homes have to sell at those prices. Other wise, who wants to buy my Pinto (real cherry!)?
By the way, Poway is a great area. Great public schools (Score the best in the county), nice neighborhoods, usually bigger lots. I have put a bunch of my clients in Poway and they all love it (So why am i being a jerk?).
Click on the link to read the Forbes' article.
God Bless.