<<< I think the peak was in June 2004. A lot of year prices were lower than the June prices. Industry is putting out press releases stating 2004 was a great, but not saying that prices are down from June. >>>
You might "think" those thoughts, but statistical reality says otherwise. Nationwide data from the NAR shows that US median home prices rose 2.7% from Q2 2004 to Q3 2004 ($188.5k vs. $183.5k). And in much discussed Las Vegas, median home prices rose 4.9% in that period (Q3 over Q2), as well as rising 53.9% vs Q3 of 2003.
Here's the actual data - be warned that you need Adobe software to read the pdf file (pre-installed on most modern PCs, and easily downloaded on older ones):
I'll also comment that with PHM and other homebuilder stocks being undervalued by as much as they are currently, they don't require rising home prices for the share prices to rise, but that's another matter.