An under appreciated aspect of the rebound in the housing market has been the relative lack of a rebound in the Northeast. According to Case-Shiller, New York City has had the weakest rebound in prices from their lows of the twenty cities they track and Boston has had the third weakest rebound.
The Case-Shiller Home Price index is, however, a lagging indicator. The latest NAHB Housing Market Index which was released this morning shows a sharp increase in the Northeast (14 points higher than October's reading). This is in contrast to the overall index which was flat month-to-month.