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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Boston Area Home Prices Rise in August

Boston area home prices increased in August, but...

Boston area home prices increased in August, yet the pace of these gains continues to slow, helping to improve affordability for potential buyers.

Real estate data provider CoreLogic said recently that Boston area home prices rose 6.4 percent in August compared with a year ago. That marks a decline from an annual gain of 6.8 percent in July. Boston area home prices had been rising as much as 12 percent yearly toward the end of last year.

Boston Area Home Prices Not Adjusted for Seasonality

Prices rose 0.3 percent in August from July. But CoreLogic’s monthly figures aren’t adjusted for seasonality, such as buying that occurs during warmer weather.

Sales struck a plateau in the middle of last year and have remained subdued for much of 2014. As sales have slowed, so have price gains. That should eventually make it easier for would-be buyers to afford a Boston area home.

As the pace of price gains has slowed, so have sales of existing homes.

Home Prices Dropping Nationwide Too

Nationwide, the National Association of Realtors reports that purchases fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August. Sales fell from a July rate of 5.14 million, a figure that was revised slightly downward. Overall, the pace of home sales has dropped 5.3 percent year-over-year.

Economists associate annual sales of 5.5 million with a healthy market.

The NAR also said that median sales prices had risen 4.8 percent over the past 12 months to $219,800, but that average slipped slightly in August compared to prices in July and June.

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Growth of Boston Area Home Prices Slows for July 2014

The growth of Boston area home prices, both the quarter-over-quarter and year-over-year, are lower than they were 12 months ago, but wages are not keeping up. This word according to data released from Trulia for July 2014.

Month-over-month increase in asking Boston area home prices of 0.8% was in line with the average monthly gain over the past yearThe month-over-month increase in asking Boston area home prices of 0.8% was in line with the average monthly gain over the past year, settling back down after a 1.2% month-over-month gain in June. The quarter-over-quarter increase of 2.5% remains below the level of last spring’s price spurt, when the quarter-over-quarter increase was 3% or higher in March through June 2013.

Boston Area Home Prices Continue Widespread Increases

Although Boston area home prices aren’t rising as fast as they did in spring 2013, price increases continue to be widespread with overall year-over-year price gains, and quarter-over-quarter gains.

Nationwide, for the first time in more than two years, none of the 100 largest U.S. metros had a year-over-year price increase above 15%. The stagnation of wages and household income, though, shows that as Trulia states, incomes aren’t keeping pace with even slowing price gains.

Why are home prices in some areas rising faster than others, and why are some actually falling? Because the housing market is still recovering from the bust, and local markets where prices had fallen most are now seeing larger price gains. That’s the “rebound effect,” which was fueled by investors and other home buyers scooping up relative bargains. Once those bargains are gone, there’s no more room to rebound.

We’re already seeing gains in Boston area home prices slow dramatically or even reverse slightly in some isolated locations.

Stay abreast of all the news affecting Boston area home prices right here at our website. More articles regarding Boston area housing can be found in the Boston Real Estate section, or the Boston Real Estate News section, both to your right under Boston Real Estate Categories.

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Boston Area Home Prices Up 6.6 Percent in April

Boston area home prices were up by 6.6 percent in April compared to the same month last year, besting the statewide increase of 5.8 percent.

According to a new study by CoreLogic, a California-based property information and analytics provider, the Massachusetts trailed the national average increase of 10.5 percent. California led the nation with a 15.6 percent price increase in April, while Arkansas ranked last at 0.5 percent.

CoreLogic said U.S. home prices likely increased by 1 percent in May and are projected to increase 1 percent through April 2015.

Anand Nallathambi, president and CEO of CoreLogic, said home sales will continue to suffer from a lack of inventory, a factor that also will continue to drive prices up over the year.

Statewide Pending Home Sales Up

Boston area home prices were up in April and pending sales statewide hit all time highs in MayPending single-family sales across Massachusetts posted its biggest May since the Massachusetts Association of Realtors began tracking the data a decade ago.

The number of single-family homes put under agreement last month increased 7.2 percent compared to the same time last year as 6,372 homes went under contract compared to 5,944 a year ago. This is the 15th straight month of year-over-year increases, MAR reported. While demand was up, so were prices. The median sales price of single-family homes put under agreement in May soared to $349,000, up 7.4 percent from $325,000 in 2013.

Pending sales of condominiums also rose in May. The number of condos put under agreement last month increased 3.7 percent to 2,440 units, up from 2,353 in 2013.

Pending sales, also called homes under agreement, is an indicator of actual housing sales for the next 90 days. A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close.

If you’re in the market for a Boston area home, contact us at Buyer’s Choice Realty. We can assist you in finding the right Boston area home to fit your budget and needs, while at the same time, offering you exclusive buyer representation. This means when shopping for a Boston area home, you will have professional representation looking out for your best interest (not the seller’s), while not costing you any more than not having someone on your side of the transaction. Why would you buy any other way? Buyer’s Choice Realty has saved hundreds of buyers millions of dollars on their real estate purchase.  Contact us for assistance in buying any Boston area home or condo.

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Boston Area Home Prices Hitting Record Highs

Boston area home prices are hitting highs not seen in years, thanks mostly due to low inventory.

Still, as many borrowers struggle with unwieldy mortgage payments, and certain areas are still deluged by foreclosures, news of record high prices are causing some concern. Looking forward, economists expect home-price growth to slow down.

CoreLogic’s deputy chief economist Sam Khater said in a statement, “We are at or slightly above where we should be from an equilibrium stand point and what had been driving prices up rapidly is just the price correction because home prices fell too far.”

On the one hand, home buyers are fearful they won’t be able to find a home. On the other hand, home sellers are ecstatic as Boston area home prices soar. Diane Olick has more on this dilemma…

We have other articles and tips pertaining to the Boston area real estate market and rising Boston area home prices. We have tips for buying a home, including things you need to know before, during and after the home buying process. Check out our other Boston Home Buying Tips to your right under Boston Real Estate Categories.

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