Yes, current prices are the highest they have been since January 2008, and they are comparable to prices in April 2005.
However, in the period from 2005 to 2008 appreciation rates from 5% to an impossible and unsustainable increase rate of 45%. Compare that rate to the current sustainable annual appreciation rate of 5%.
From May 2016 to May 2017 Active listings have decreased 12.5% as the monthly median price has increased 5.2%.
Based on the current rate of home sales there is approximately a 2.7 month of inventory available. Simply put, if no new listings came to the market and based on our current rate of home sales, we would run out in 2.7 months.
Bottom line, existing home sales are strong, values are still there, home sellers are pricing their homes fairly and I fully expect home appreciation to continue at a 3-5 % rate for the foreseeable future.
Feel free to contact me with any questions you may have.