It seems that June represents more than a short term peak in home prices since November is the fifth straight month of lower prices, albeit only a 5% drop to $315,000 for the average home. Prices have increased a very healthy 14% from January, 2005.
Some markets are still extremely hot -- Reno, Nevada is up 66% from January to November and =Ocean City, New Jersey is up 57% in the same period. Prices in both cities show no signs of slowing down.
Other markets had a sharp run-up in the Spring and early Summer only to fall back. Cambridge, Mass was up 30% in early Spring only to end up where prices began the year. Gulf Shores, Alabama was up 39% through June but fell back to slightly below where prices were in January, presumably affected by the monster hurricane season.
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