Boston Area Home Prices Up 4.4 Percent

Boston area home prices were up 4.4 percent year-over-year in October, tracking with both the national average and the average and the average of the country’s 20 largest markets, according to the S&P/Case-Shiller Home Price Indices report released recently.

Boston area home prices were up 4.4 percent in October versus October 2013.

The U.S. national average of home price growth was 4.6 percent. Prices in the country’s 20 largest markets gained an average of 4.5 percent, while prices in the 10 largest cities gained 4.4 percent.

Those figures are both off 0.1 percent in October from a month prior, the Case-Shiller report said.

2014 Boston Area Home Prices Finishing Strong

“After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,” said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. “Two months ago, all 20 cities were experiencing weakening annual price increases., Last month, 18 experienced weakness. This time, 12 cities had weaker annual price growth, but eight saw the pace of price gains pick up. Seasonally adjusted, all 20 cities had higher prices than a month ago.”

Meanwhile, the supply of homes and condos for sale statewide in Massachusetts continued to plunge and widened an already gaping supply-and-demand imbalance in the state.

Last month, the inventory of single-family homes on the market across the state was 19,068, down 13.2 percent from last year. Single-family homes listed for sale for the first time last month were also down by 9.7 percent.

For condos, inventory was down last month to 4,588, off by a whopping 23 percent, while new listings declined by 3.3 percent.

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