In 10 of 50 metro areas, The Wall Street Journal found that home prices in 2013 reached peaks that were at or above the previous peaks set from 2005 to 2007.
… at least in some parts of the country, primarily in places that didn’t have much of a boom or bust to begin with. Think of western Pennsylvania, Texas, Oklahoma, a lot of the Great Plains. And then you also have places that did have a mild downturn but have just gone off to the races the last few years; Washington D.C., parts of the Bay area. I mean Palo Alto is up 40% since their 2007 peak.
Certainly Not in Arizona
In Arizona, we’re still years away from reaching those 2006 peak home prices. In real, inflation-adjusted dollars, I doubt Phoenix will ever reach those home prices again.
But it’s nice to know some places avoided the incredible pain the real estate boom and bust brought to millions of American families.