Boston Condos for Sale

Case Shiller Index Report – Boston real estate price upward

Home prices rose again, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which showed a 1.4% seasonally adjusted increase from July and a 19.8% increase from a year earlier.

August’s annual gain was roughly flat with the pace of July’s increase, said Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indexes.

Home-price gains were once again broadly distributed, as all 20 cities rose, although in most cases at a slower rate than had been the case a month ago, Lazzara said in a press release.

The 10-city composite index rose 0.9% on a monthly basis and 18.6% on a yearly basis, while the 20-city composite gained 1.2% monthly and 19.7% annually.

In Boston, home prices were up 0.5% on a monthly basis and 17.7% on an annual one.

Phoenix, San Diego, and Tampa, Fla., led the way in residential real estate price gains among the 20 metro areas in the index.

“We have previously suggested that the strength in the U.S. housing market is being driven in part by a reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes,” Lazzara said, adding that more data is needed to understand whether the demand surge represents an acceleration of purchases that homebuyers would have made anyway, or reflects a secular change in locational preferences.

August’s data are consistent with either explanation, Lazzara noted, adding that the increases also suggest that the rise in home price growth, while still very strong, may be beginning to decelerate.

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Boston Condos for Sale

The pace of home-price increases in Boston gained steam in February, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which showed a 0.9% increase from January and a 13.7% increase from a year earlier. 

By comparison, the index rose 0.7% on a monthly basis in January. 

Nationwide, the seasonally adjusted housing index rose 1.1% month over month in February and 12% year over year, up from monthly and yearly increases of 0.8% and 11.2% in January, respectively. 

The national year-over-year gain is the highest recorded since February 2006, Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indexes, said in a press release. 

The 10-city composite index rose 1.1% on a monthly basis and 11.7% on a yearly basis, while the 20-city composite rose 1.2% monthly and 11.9% annually. 

All 20 cities in the composite index posted gains, and the increases in every city are above that city’s median level, Lazzara said. 

“These data remain consistent with the hypothesis that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” Lazzara said. “This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years. Alternatively, there may have been a secular change in preferences, leading to a permanent shift in the demand curve for housing.” 

Boston Condos for Sale

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Case Shiller Index Report – Boston real estate price upward

• Home prices rose 4.3% annually in June, unchanged from the gain seen in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
• The 10-City Composite increased 2.8% annually, down from 3% in the previous month. The 20-City Composite rose 3.5% year-over-year, down from 3.6% in the previous month