Boston condos for sale: Where are prices headed?

The year-over-year pace of national home-price growth accelerated in July, CoreLogic reported, citing its monthly Home Price Insights report.

Specifically, prices rose 2.5% annually after growing by 1.6% in both May and June. On a monthly basis, prices rose 0.4% from June to July. The gains drove prices 5% above their recent February lows.

Looking ahead, the CoreLogic HPI Forecast predicts home prices will rise by 0.4% on a month-over-month basis from July to August and increase 3.5% between July and July 2024.

“Annual home price growth regained momentum in July, which mostly reflects strong appreciation from earlier this year,” Chief Economist Selma Hepp said in a press release. “That said, high mortgage rates have slowed additional price surges, with monthly increases returning to regular seasonal averages. In other words, home prices are still growing but are in line with historic seasonal expectations.”

Geographically, the 11 states to experience declines in prices were all in the West, where inventory has remained particularly tight, CoreLogic said, noting that the downward price trend could be short lived as competition drives prices higher again. CoreLogic expects all states with price declines in July to return to positive territory by October.

On a city basis, Miami once again posted the highest annual increase among the country’s 20 largest metro areas, at 9%, followed by Chicago at 4.2% and Washington, D.C., at 2.7%.

Updated: Boston Real Estate Blog – 2023

_________________________________________________________________________________________________________________________________________

There are many questions about where Boston condo prices will be next year as well as where they may be headed over the next several years to come. We have gathered the most reliable sources to help answer these questions:

The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter.

Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous financial analysis to deliver proprietary research and advice to leading global institutional investors and senior-level company executives.

Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.

Freddie Mac – An organization whose mission is to provide liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.

The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.

Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets always.

Here are their projections of prices going forward:

Boston condos for sale

Bottom Line

Every source sees home prices continuing to appreciate – just at lower percentages as we move through the next several years.