Home prices up in Boston last year, but less than the nation.
Thomas Grillo
Real Estate Editor- Boston Business Journal
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Home prices for Greater Boston increased by nearly 10 percent last year, but the healthy hike was less than the national average, according to the SP/Case-Shiller Home Price Indices, a leading measure of U.S. home prices.
SP data through December 2013 released today found that Boston area home prices increased by 9.6 percent in 2013, while national home prices closed the year up 11.3 percent.
In the survey’s 20 City Composite, 16 cities had bigger gains than the Hub including Las Vegas where home prices were 25.5 percent higher than a year ago, San Francisco which saw prices reach 22.6 percent higher than 2012, and Los Angeles where home pries soared by 20.3 percent.
The only cities in the composite with lower homes price increases than Boston included Washington D.C. (8.1 percent), Charlotte, N.C. (7.8 percent), New York City (6.3 percent), and Cleveland (4.5 percent).
David Blitzer, chairman of the Index Committee at SP Dow Jones Indices, said gains are slowing from month-to-month and the strongest part of the recovery in home values may be over. For example, in the Boston area, home prices slipped by 0.1 percent in December compared to November of last year.
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