Over 6 months since my last post. Quite frankly, there hasn't been much to write about with home prices still in the doldrums. But we have 3 months of 2010 price history on the books and we now have something to write about.
More than one-third of our surveyed cities show a gain for 2010. Aspen (+75%) and Lake Placid (+61%) have the largest gains, but these are small towns. Let's wait for more data before acknowledging the improvement is real. But Las Cruces (+26%), Galveston (+25%) and Boulder (+18%) had a much larger number of sales for the period and saw significant gains.
State-wise, both New Mexico cities show gains and 4 of 5 cities in both Texas and Colorado are positive for 2010, only San Marcos (-1%) and Colorado Springs (-2%) have very slight drops.
Of course, with one-third good news that leaves two-thirds of our great places still with the bad news. Everything in Nevada and North Carolina (!) is down. The only thing up in Arizona is Sedona (+5%). California and Florida are mixed with some cities up big, Half Moon Bay (+26%) and Boca Raton (+10%), and others down big, Monterey (-29%) and Key West (-11%).
But enough with the bad news. Some of our cities have seen no slump at all in home prices, climbing continuously since 2001. Tyler, Georgetown, Missoula and Iowa City have been slump free. Almost as impressive, ten more of our cities that crashed have rebounded strongly and are now even above what their prices were at the peak of the housing bubble. The best of those performers are Aspen 11% above its peak in 2007, Las Cruces 8% above its peak in 2007 and Boulder 7% above a 2006 peak.
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