I am publishing this for those of you who wonder when the height of the market in the Boston area was and where home prices are in relation to the height. The height was in 2005. The bottom was in April of 2009. We’ve been bouncing along that bottom since then, hitting it again in Dec 2011/Jan 2012. But, as you can see, home prices are starting to do a steady creep upward.
I believe this is in large part due to the fact that there is very little inventory on the market in the past 6 months. This time last year, there were roughly 26,000 single-family houses on the market. Today there are about 21,000, roughly a 20% drop. Low inventory is bound to push prices up.