Market Insight市场洞察

Southern California here means Los Angeles, Orange, Riverside and San Bernardino counties — the four the data covers. Cities need at least 200 sales over the full period to appear. The circle’s colour counts market sales and owner short sales only — a bank reselling a repossessed home prices it as inventory clearance, which is a different thing. Its size counts every sale.本页的「南加州」指 Los Angeles、Orange、Riverside、San Bernardino 四个郡 —— 数据覆盖的就是这四个。城市需全期成交至少 200 笔才会出现。圆的颜色只计正常市场成交与业主违约自售 —— 银行转售法拍房是清库存定价，与普通买卖不是一回事。圆的大小计全部成交。

The bands cover the middle 90% of cities each quarter — the most extreme 5% at each end are left out, so one outlier can’t blow out the reading. A gap in a line means too few sales that quarter to compute a value.带子只覆盖每一季中间 90% 的城市 —— 两端最极端的各 5% 没有画进去，这样一个离群市场不会把其余城市的可读性拖垮。线断开代表这一季成交不足以计算。

This line reads the same measure as the map’s circles — change vs that city’s pre-crash peak, over the last four quarters — but traces it across every quarter instead of just this one. 0% is where a market sits exactly at its pre-crash peak, not a ceiling: many markets are well above it, and below 0% simply means it has not fully recovered. The bars count every sale, bank resales included.这条线读的是与地图上那些圆完全相同的指标 —— 较该城崩盘前高点的涨跌幅，近四季滚动 —— 只是它画的是每一季的轨迹，不只是当前这一季。0% 代表市场正好回到崩盘前高点，不是天花板：很多市场早已远超这个点，低于 0% 只是还没完全收复。柱子计全部成交，含银行转售。