LA Times chart from June 18

The general media is starting to catch on that home prices have finally turned up. The main article in today’s LA Times business section headlines, “Home prices edge up for 1st time in nearly 2 years”.  Click on the graph to see an uncompressed version showing the upturn.

What regular readers here know from our reporting is that inventory is way down, interest rates are still low, the $8k first time home buyer tax credit is out there, and home prices are still relatively “affordable”. But buyers today (especially at entry level homes) must contend with competition from other buyers, and reminescent of the go-go years, multiple offers on well priced homes are common.