The actual key figure is that sales dropped 39.5% from last year. Housing prices tend to be inelastic downwards, because nobody wants to sell in a sinking mark

The actual key figure is that sales dropped 39.5% from last year. Housing prices tend to be inelastic downwards, because nobody wants to sell in a sinking market, but if the trend continues, there will be enough people who have to sell that prices will plummet as well.