Local home prices have still not increased

The pace of home sales are up --- 26% YTD.

Contracts are up --- 18% year over year.

Inventory is down --- 15% over the past year.

But home values are still not yet increasing. 

You can likely sell your home for about the same price now as you could have a year ago. 

So, when will we see prices start to edge up?  Late 2013?  2014?