Home prices in Greater Boston have increased for three straight months and the number of houses selling is up sharply, suggesting that the long housing slump is over.
June home prices were a strong 2.6 percent above the previous month, and the number of single-family homes that sold statewide in July was a whopping 12 percent higher than a year ago. While these data come from different sources, and measure different components of the real estate market, they point to a market that is heading upward.
Housing industry specialist Karl E. Case, a professor of economics at Wellesley College, said the Boston market is “bottoming out.’’ He noted that the housing index he cofounded, the S&P/Case-Shiller home price indexes, showed several months of prices increasing in Greater Boston.
“That’s significant,’’ Case said.
Source: Boston Globe