Are COV prices really coming down?

Whenever I mention my oncoming purchase, people are sure to comment on the steep Cash-Over-Valuation.

"I hear prices are already coming down" (I've heard that prices have gone down)

"Are they?"

These are the median COV values posted by HDB.  They're amazing low, considering how most units I've visited, got sold for more than $60k. Nevertheless, even if their maths is flawed, as long as they are consistent in their calculation, we have a picture.

Compiled by yours truly,
source: http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatMedianCOV?OpenDocument

This graph is from HDB site
source: http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatResaleIndex?OpenDocument#Weights