Boston Real Estate for Sale

S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Boston Condos for Sale

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S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Are Home Prices Going To Come Down?

Are Home Prices Going To Come Down?

Here’s what Danielle Hale, Chief Economist at Realtor.comsays:

 “In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don’t have the same established definitions in the housing market.

In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means prices, which have been increasing rapidly over the last couple years, are normalizing a bit. In other words, they’re now growing at a slower pace. Prices vary a lot by local market, but rest assured, a big drop off isn’t what’s happening at a national level.

The Real Estate Market Is Normalizing

From 2020 to 2022, home prices skyrocketed. That rapid increase was due to high demand, low interest rates, and a shortage of homes for sale. But, that kind of aggressive growth couldn’t continue forever.

Today, price growth has started to slow down, which is a sign the market is beginning to normalize. The most recent data from Case-Shiller shows that after being basically flat for a couple of months last year, prices are going up at a national level – just not as quickly as before (see graph below):

No Caption ReceivedThe big takeaway? So far this year, there’s been a much healthier pace of price growth compared to the pandemic.

Of course, that’s what’s happening now, but you may be wondering what’s next for prices. Marco Santarelli, the Founder of Norada Real Estate Investmentssays:

Expert forecasts lean towards a moderation in home price growth over the next five years. This translates to a slower and more sustainable pace of appreciation compared to the breakneck speed witnessed in recent years, rather than a freefall in prices.”

It’s all about supply and demand. Increasing inventory plus limited buyer demand, due to relatively high mortgage rates, will continue to ease some of the upward pressure on prices.

 What This Means for Boston Condo Buyers?

If you’re thinking about buying a home, slowing price growth is welcome news. Skyrocketing home prices during the pandemic left many would-be homebuyers feeling priced-out. 

While it’s still a good thing to know the value of the home you buy will likely continue to go up once you own it, slowing price gains are making things feel more manageable. Odeta Kushi, Deputy Chief Economist at First Americansays:

“While housing affordability is low for potential first-time home buyers, slowing price appreciation and lower mortgage rates could help — so the dream of homeownership isn’t boarded up just yet.”

Boston Condos for Sale and the Bottom Line

At the national level, home prices are not going down. And most experts forecast they’ll continue growing moderately moving forward. But prices vary a lot by local market. That’s where a trusted real estate agent comes into play. If you have questions about what’s happening with prices in your area, reach out to an agent.

Peace be with you

Beacon Hill condos for sale.   

Visit our office at 137 Charles Street Rear, Beacon Hill MA 02114

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48 Results
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#73392106 | Condo
 
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#73394307 | Condo
 
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#73340531 | Condo
 
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#73383472 | Condo
 
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#73393636 | Condo
 
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#73371526 | Condo
 
1
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#73328143 | Condo
 
1
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1
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514
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#73397536 | Condo
 
3
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1 | 1
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1,145
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#73331052 | Condo
 
2
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1
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733
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#73384837 | Condo
 
2
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1
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665
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#73380614 | Condo
 
1
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720
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#73375969 | Condo
 
2
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1
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794
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#73382160 | Condo
 
1
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646
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#73398457 | Condo
 
1
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1
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766
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#73347682 | Condo
 
2
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1
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1,055
SqFt
 
 
#73355770 | Condo
 
2
Beds
1 | 1
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1,119
SqFt
 
 
#73391514 | Condo
 
1
Beds
1
Baths
1,440
SqFt
 
 
#73390374 | Condo
 
2
Beds
1 | 1
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1,114
SqFt
 
 
#73370055 | Condo
 
2
Beds
2
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1,100
SqFt
 
 
#73364843 | Condo
 
1
Beds
1 | 1
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1,468
SqFt
 
 
#73350790 | Condo
 
3
Beds
2
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1,500
SqFt
 
 
#73284527 | Condo
 
1
Beds
1 | 1
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1,166
SqFt
 
 
#73367199 | Condo
 
2
Beds
2 | 1
Baths
1,446
SqFt
 
 
#73388671 | Condo
 
3
Beds
2
Baths
1,844
SqFt
 
 
#73315735 | Condo
 
3
Beds
2 | 1
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2,128
SqFt
 
 
#73350316 | Condo
 
1
Beds
2
Baths
1,420
SqFt
 
 
#73366875 | Condo
 
3
Beds
2
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1,593
SqFt
 
 
#73368710 | Condo
 
3
Beds
2 | 1
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3,357
SqFt
 
 
#73393161 | Condo
 
3
Beds
2
Baths
2,180
SqFt
 
 
#73332108 | Condo
 
3
Beds
3 | 1
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2,541
SqFt
 
 
#73267020 | Condo
 
2
Beds
2
Baths
1,612
SqFt
(20)
 
 
#73393837 | Condo
 
2
Beds
2 | 1
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1,973
SqFt
 
 
#73381362 | Condo
 
4
Beds
2 | 1
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2,725
SqFt
 
 
#73226034 | Condo
 
2
Beds
3
Baths
2,400
SqFt
 
 
#73388582 | Condo
 
3
Beds
3 | 1
Baths
2,985
SqFt
 
 
#73343320 | Condo
 
3
Beds
3
Baths
2,500
SqFt
 
 
#73363206 | Condo
 
3
Beds
2 | 1
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3,153
SqFt
 
 
#73355001 | Condo
 
3
Beds
3 | 1
Baths
2,974
SqFt
(40)
 
 
#73358700 | Condo
 
3
Beds
3 | 1
Baths
2,903
SqFt
 
 
#73303613 | Condo
 
4
Beds
3 | 1
Baths
3,640
SqFt
 
 
#73381746 | Condo
 
4
Beds
4 | 1
Baths
4,225
SqFt
 
 
#73340438 | Condo
 
3
Beds
3 | 1
Baths
3,578
SqFt
(41)
 
 
#73338699 | Condo
 
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Beacon Hill Condos for Sale

Updated: Boston Real Estate Blog 2024

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S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Boston Condos for Sale

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S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Nationwide, the seasonally adjusted housing index rose 2% month over month in February and 13.2% year over year, up from a monthly increase of 1.2% in February. 

The national year-over-year gain is the highest recorded since December 2005, 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 2.0% on a monthly basis and 12.8% on a yearly basis, while the 20-city composite rose 2.2% monthly and 13.3% 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 are 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. More time and data will be required to analyze this question.”

Boston Condos for Sale

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From CNBC:

Nationally, prices rose 4.5% annually in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. That is down from the 4.6% gain in April.

Home prices in the 10-city composite increased 3.1% annually, down from 3.3% in the previous month. The 20-city composite rose 3.7% year over year, down from 3.9% in April (Detroit was excluded from the composite due to data collection issues).

Home values increased in all 19 of the cities for which data was available, but the gains accelerated in just three. Prices were accelerating in 12 cities in April and 18 cities in March.

Regionally, price gains in Phoenix, Seattle and Tampa continued to be the strongest in the nation. Phoenix posted a 9% year-over-year price increase, followed by Seattle with a 6.8% increase and Tampa with a 6% increase. Price gains were smallest in Chicago, New York and San Francisco.

Link to Article

 

 

May 2020

May/April

April/March

1-Year

Metropolitan Area

Level

Change (%)

Change (%)

Change (%)

Atlanta

158.94

0.5%

0.8%

4.2%

Boston

231.35

0.4%

1.4%

4.3%

Charlotte

172.57

0.8%

1.1%

5.4%

Chicago

146.96

0.7%

1.0%

1.3%

Cleveland

132.00

1.2%

1.6%

5.7%

Dallas

196.71

0.5%

0.7%

2.8%

Denver

231.39

0.5%

1.0%

3.9%

Detroit

Las Vegas

200.78

0.3%

0.8%

4.2%

Los Angeles

297.00

0.4%

0.7%

3.7%

Miami

252.70

0.3%

0.6%

4.0%

Minneapolis

186.76

0.8%

1.9%

5.5%

New York

204.88

0.0%

0.4%

2.1%

Phoenix

208.25

0.9%

1.4%

9.0%

Portland

248.14

0.9%

0.6%

4.2%

San Diego

273.51

0.4%

1.2%

5.2%

San Francisco

275.59

-0.2%

0.5%

2.2%

Seattle

271.45

0.6%

1.4%

6.8%

Tampa

231.53

0.3%

0.9%

6.0%

Washington

241.94

0.6%

0.7%

3.5%

Composite-10

236.98

0.3%

0.7%

3.1%

Composite-20

224.76

0.4%

0.8%

3.7%

U.S. National

218.87

0.7%

1.0%

4.5%

Sources: S&P Dow Jones Indices and CoreLogic

 

Data through May 2020

   
         
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