Single-family home sales fell in May for the fourth consecutive month.
Jon Chesto
Managing Editor, Print- Boston Business Journal
Despite rising prices, Greater Boston home values remain 5.1 percent below their 2005 peak, according to a new survey by Zillow.
The median home value in the region is now $365,100, the same as in 2004. Home values have risen, on average, nearly 10 percent in the past year. But they are still expected to take nearly two years to return to their pre-recession peaks, or roughly until the first quarter of 2016.
Local communities where home values remain farthest from their peaks include Brockton (32.5 percent below peak), Wareham (31.5 percent below peak) and Rockland (26 percent below peak).
Still, Greater Boston is faring better than the rest of the nation as a whole. Home values in half of the nation’s 100 largest metro areas will not reach their pre-recession peak levels for another three-plus years, according to Seattle-based Zillow.
Nationally, home values remain 11.3 percent below their 2007 peak. Looking ahead, U.S. home values are expected to rise another 4.2 percent through the second quarter of 2015. It will take 2.7 years for national home values to reach their pre-recession levels, assuming a steady rate of appreciation at the forecasted level.
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