Good article by Chris Reidy below. November S&P/Case-Shiller numbers certainly forecast year end figures we have been reporting of Boston neighborhood sales prices up an average of 8% in 2013. The most important result of this good news is in the last paragraph which does follow what we are hearing and experiencing in the field. Sales are moderating and even declining in some neighborhoods while prices do continue to rise.
S&P/Case-Shiller: Greater Boston home values up nearly 10 percent
Home values in Greater Boston rose 9.8 percent in November on a year-to-year comparison basis, according to a report on the US housing market issued Tuesday by the S&P/Case-Shiller Home Price Indices.
The widely watched indices tracks repeat home sales around the United States.
The Boston area’s annual rate of 9.8 percent for November represented an improvement of 1.2 percentage points from the previous month. In the 20-city universe that the indices track, Boston was one of nine cities where values accelerated on an annual basis.
From October to November, home values in Greater Boston rose 1.3 percent on a seasonally adjusted basis, the S&P/Case-Shiller Home Price Indices added.
The November report included a statement from David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, commenting on the latest US results.
“Beginning June 2012, we saw a steady rise in year-over-year increases,” Blitzer said. “November continued that trend with another strong month although the rate of increase slowed.”
The Warren Group and the Massachusetts Association of Realtors are expected to issue separate reports on the state’s housing markets later this week. Those reports will focus on Massachusetts home sales in December.
In reporting on November sales, Warren Group chief executive Timothy M. Warren Jr. stated: “This has been a banner year in local real estate, but one with a focus on rising prices. The sales volume growth has been more restrained and now we see a modest decline. We’re seeing the same thing in Massachusetts that the rest of the country is experiencing: a slight slowdown in home sales, driven by increasing interest rates and tight supply.”
Chris Reidy can be reached at [email protected].