I have been talking with a number of people in different cities in two countries. I am curious what people are seeing locally. If you can find the time take a minute to post an answer to the following two questions.
1. What are house prices doing in your immediate area?
Try to respond by indicating if prices are up, flat or down so I can tabulate the results. If you want to add other comments that would be great.
2. Name the city when answering #1 above? As the web is global please indicate what state or provence plus the country. There are some large housing differences between markets around the world.
Why am I asking?
In the US the headlines seem to focus on falling prices yet the average for 2006 was up by about 5%. Another survey showed 77 metro areas are up, 79 are down and 8 are flat.
In the UK the House Price Index (HPI) shows England is up while a more regional view shows London and the SE are driving almost all the gains right now. The Midlands (east and west) are both slightly down. Central London is up by more than 20% year-on-year.
I am only following the US and UK at this time. If people want to post comments on markets in other countries please feel free to do so.
Tangent: For an 18 to 20 year history of 12 US cities check out the graphic. Notice how some cities never saw a boom early in the present century. Many of the cities that have rising house prices right now are the same cities that missed out on the US housing boom. Put another way those locations do not need a correction in house prices before there is alignment with wage levels.