article in the Times today, Neil Irwin writes (my emphasis):
Since the start of 2011, prices have risen 33 percent in the San
Francisco area, 30 percent in Miami, 24 percent in Los Angeles — and
even more in some of the most desirable neighborhoods within those
Wow! And yet:
In the once-frothy markets of Phoenix, Las Vegas and Orlando, Fla., for
example, the typical home price is still 30 to 40 percent below 2006
levels, even more if one accounts for inflation.
Bottom line? It's location-specific:
And the cliché about all real estate being local holds; each
neighborhood can have its own unique dynamics in the for-sale and
for-rent housing sectors that must be considered.
And it's a big country, remember?