Homes in the Boston area increased in value by 2.3 percent for the 12-month period ending in October, according to CoreLogic’s Home Price Index Report. That rise was somewhat lower than the overall average, however. Nationally, home price values rose both year over year and month over month, with a 3.5 percent increase from October 2018 and a 0.5 percent increase from September 2019.
“Local home-price growth can deviate widely from the change in our U.S. index,” Dr. Frank Nothaft, chief economist at CoreLogic, said in the press release. “While we saw prices up 3.5 percent nationally last year, home prices also declined in 22 metropolitan areas. Price softness occurred in some high-cost urban areas and in metros with weak employment growth during the past year.”
One positive element to the report was that Corelogic identified homes in the Boston area as fairly valued. In the 100 largest metropolitan areas, 38 percent of the market was at value, 35 percent was overvalued, and 27 percent was undervalued. Of the top 50 largest areas, 40 percent was overvalued, 40 percent was at value and 20 percent was undervalued.
Another factor in the study of interest to the industry was demographic in nature. Millennials surveyed by CoreLogic …
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