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Boston Condos: Case-Shiller Real Estate Index

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Boston Condos: Case-Shiller Real Estate Index

Case-Shiller: Boston posts fastest monthly home-price growth in May

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The pace of United States home-price growth topped 1% for the first time in 2026 in May, although price changes varied widely by geographic region, with the Midwest and Northeast continuing to show strength as the Sunbelt and West faced headwinds. 

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index rose 1.1% year over year in May, compared to a 0.8% gain in April. Month over month, the index rose 0.6%.  

S&P Dow Jones noted that inflation continued to outpace national home-price appreciation, with May’s 4.2% inflation outpacing the 1.1% price increase by 3.1 percentage points. 

“May’s data suggests that U.S. home prices continue to decline in real terms, with the S&P Cotality Case-Shiller National Home Price Index up a modest 1.1% year over year,” said Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices. “At the same time, inflation peaked at 4.2% in May, its highest level in over three years. Even on a nominal basis, the market remains noticeably weaker than a year ago. In May 2025, the National Home Price Index was up 2.4% year over year.” 

In Boston, home prices popped 2.75% year over year and 1.83% month over month — the highest in the 20-city index — in May.   

“The May data reveals a market with potential for a seasonal rebound,” Cotality Principal Economist Thomas Malone said separately. “While May’s month-over-month increase of 0.6% is below the pre-pandemic norm, the uptick in the annual appreciation rate suggests that while affordability issues are keeping demand weak, low inventory levels are creating a floor for prices on the supply side.” 

 
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Boston Condos: Case-Shiller Real Estate Index

The Boston condo price index saw a slight monthly decline in September 2025 but remains up year-over-year. The broader Boston single-family home price index experienced a -0.9% month-over-month drop in October 2025 but is up 2.9% annually. 
 
Key Insights
  • Price Appreciation: Boston condo prices have shown strong long-term appreciation.
  • Moderation: The market is maturing from the intense seller competition of past years to a more balanced environment, with some cooling in list prices and longer marketing times for certain luxury properties.
  • National Trends: Nationwide, high mortgage rates are pressuring affordability, leading to broad stagnation in monthly price momentum across most major US markets in October 2025. 
The next S&P CoreLogic Case-Shiller report, which will cover the October 2025 condo data and November 2025 single-family data, is scheduled for release today, December 30, 2025, at 9:00 EST.

From cnbc.com:

“A trend of accelerating increases in the National Composite Index began in August 2019 but was interrupted in May and June, as Covid-related restrictions produced modestly-decelerating price gains,” said Craig Lazzara, managing director and global head of Index Investment Strategy at S&P Dow Jones Indices.

“The last time that the National Composite matched August’s 5.7% growth rate was 25 months ago, in July 2018. If future reports continue in this vein, we may soon be able to conclude that the Covid-related deceleration is behind us. ”

S&P Case-Shiller is a repeat sales index, running on a three-month average; it measures the sale prices of similar homes over time. Other home price indexes, like the measure from the National Association of Realtors, show much higher price gains because they calculate the median price of all homes sold during the month.

Since there is currently much more sales activity on the higher end of the market, where there is more supply available, that is skewing the median price much higher. The Realtors reported a 15% annual price gain for September.

Prices are being fueled not just by strong demand but by record-low mortgage rates. Rates set several new records over the summer and continued to do so in September as well. Low mortgage rates give buyers more purchasing power, allowing sellers to raise prices.

https://www.cnbc.com/2020/10/27/home-prices-rise-at-.html

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