Clearance rates are always a function of how realistic/unrealistic vendors are - in all market conditions. whether it's in an advancing or a declining market.
High clearance rates may also indicate a fire sale is on... I'm not saying that's what's happening now of course or suggest is likely to happen.
With rising median prices we should always bear in mind that as time goes on, more and more people have spent money on their properties - extending them etc.. - so a lot of that would have happened in the rising market. So if you take this into account, even if median prices are maintained now - that could actually indicate a decline in value as there's been capital improvements.
