According to the following article in WSJ.com, national home prices are now just 7.3% off their 2006 peak.
From WSJ.com
By Josh Mitchell
Home prices are continuing to rise at a brisk pace. The median price of previously owned homes sold in July was $213,500, up 13.7% from a year ago, the National Association of Realtors said Wednesday. That leaves prices just 7.3% below their 2006 peak of $230,400. Prices have risen year over year for 17 consecutive months. The rise reflects stronger demand for homes thanks to low interest rates and tight inventory.
Read all about it,
Vital Signs: Median Home Price Just 7.3% Off 2006 Record
Their Chart,
Our Chart,
It’s true that home prices in the Tucson Foothills have also begun to recover, but it’s only just begun this year. And unlike the national figures quoted by WSJ, (just 7.3% off their 2006 peak) as of this July we are still well below our 2006 peak.
2006 – $547,500 vs. July 2013 - $410,000, 25% below.
But also consider that we’ve blown the doors off 2006 in the number of homes sold from
Jan 1 – July 31. 532 sold 2006 – 601 this year.
So rejoice, and hurry, if you’re a buyer, but the future looks promising for sellers too.
Prices are not going rise everywhere else but not here in the foothills. Nah, not gonna happen.
see thefoothillsToday.com
to find your Catalina Foothills home