Zillow says values haven't declined as much as reported

From today's L.A. Times, here's a story from Zillow.com. Zillow says the median home values in Los Angeles and Orange counties may not have fallen quite as much as is often reported. Hmm, you don't say!

Waiting for a $300k house in the Burbank area? You might have to wait awhile.

If you're waiting to buy a Burbank home that's selling for 40% less than last year's median price, you might have a long wait. There was a flurry of sales activity in the area over the last few weeks, and just about all of the decent stuff is gone. Examples:

The top left home is 1910 Bonita. It's a 3+2, 1950 sf., 6136 sf lot, remodeled with guest house. It listed at $569,000 and went into escrow a few days later after having multiple offers.

The center home is 530 Cambridge. It's a 2136 sf., 5+2, 7400 sf lot home in the Jefferson school district. It listed at $679,000 and went into escrow a few days later after having multiple offers.

The bottom home is 1024 E. Orange Grove. It's a 3+2, 1153 sf, 7750 sf lot home that listed for $579,000 and yes, it went into escrow a few days after listing with multiple offers.

Those aren't the only ones that sold really quickly in December, but I got tired of cutting and pasting. Are there also single family homes for $300,000 that I'm not including? Not that I know of -- it seems like the $450k-$650k is the going price for a local homes below 2000 sf. Has the area reached it's "price discovery?" Are increased sales due to a dearth of listings? Have the lower interest rates made a difference? Will we continue to see prices decline? What do you think?