Boston Better Off As Home Prices Sink
The Boston metro area has seen home prices fall by nearly 6 percent so far this year but is still far better off than many other metro areas, according to the latest S&P Case-Shiller U.S. National Home Price Index.
By the end of June, the price of existing homes in the Boston metro area had actually climbed 1.2 percent compared to May, the Case-Shiller report says. Compared to the same period a year ago, prices in the Boston area are down 5.2 percent.
The Case-Shiller index tracks the prices of what it calls "typical single family homes" in 20 U.S. metro areas.
Price declines nationwide hit a record 15.4 percent in the second quarter, surpassing the first quarter's 14.2 percent skid. However, the Case-Shiller report notes that while "there is not a national turnaround in residential real estate prices," the rate of price decreases may be beginning to slow.
The Las Vegas, Miami and Phoenix metro areas remain the weakest in the country and recorded year-to-date declines of 28.6, 28.3 and 27.9 percent, respectively.
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