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Charts can speak a thousand words

Above is a chart showing New England home-price trends. There’s still a way to go before full recovery (and that doesn’t necessarily mean back to pre-bubble prices, though in some towns and neighborhoods that’s indeed happened), but we’re getting there.

Chart via the Federal Reserve Bank of Boston. Click on link to see larger version.

Speaking of the Federal Reserve, here’s its most recent Beige Book conclusion about the New England housing market:

Contacts anticipate that single-family home and condo prices will continue to rise over the next several months, with inventory levels a significant factor determining the degree to which sales can grow. Overall, contacts say they feel optimistic about the trajectory of the housing market and believe the market will continue to recover as general economic conditions improve.