CoreLogic Case-Shiller has some interesting housing market forecasts for 2014 and 2015.
We ran the numbers for Massachusetts and here’s what we found:
CoreLogic Case-Shiller is forecasting home price increase of 3.7 percent in the Boston-Quincy area from the third quarter of last year (the latest data available) through the third quarter of this year, compared to 6.7 percent in the year prior. Price increases are then expected to run at about 2.5 in 2015.
Cambridge-Newton-Framingham, as designated by CoreLogic Case-Shiller, should see still hefty price increases of 6.2 percent through the third quarter of this year, down from 7.3 percent the year before. That’s not much of a decrease, but it’s still a decrease.
The Peabody area (which we assume is the North Shore area, though many might disagree) should see 6.5 percent growth in prices through the 3Q of 2014, and a price jump of 5.9 percent in 2015. Again, prices are still driving relentlessly up, but they’re still below previous year’s growth of 7.1 percent.
Now here’s where it gets interesting.
The Worcester, Springfield, Pittsfield and Barnstable markets, as defined by CoreLogic Case-Shiller, should see substantial price increases in coming years, considerably above last year’s levels.
We assume that’s because those housing markets haven’t recovered as quickly in recent years and still have more room for price growth.
Repeat: These are just forecasts.
And it’s also worth noting: This is Massachusetts. Our housing market here has been crazy in recent decades, and there’s simply not enough new housing here to meet demand. That means … well, you figure it out.
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Updated: December 201
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
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