Massachusetts second highest price growth in the nation
Home prices continued their upward trend nationwide in September, jumping 6.7%, compared to a year ago, making it the fastest year-over-year growth since May 2014, according to CoreLogic’s Home Price Index and HPI Forecast report. The rate jumped 1.1% from August, CoreLogic noted.
Boston, Massachusetts home prices were up 5.9% from a year earlier in September and experienced a month-over-month change of 1.2%. CoreLogic forecasts that over the next year, that rate will drop to -2.6%. Massachusetts tied with Arizona for second place for price growth in September, both jumping 11% from September 2019. Idaho had the highest price growth in September of all 50 states at 11.8%.
Home value increases continued to be driven by low inventory, which hit its lowest level in September, dropping by 40% from September 2008 and by 74% when compared to September 2000. “Housing continues to be a bright spot during an otherwise challenging economic time for many U.S. households,” Frank Martell, president and CEO of CoreLogic, said in a press release.
“Those in sectors that weathered the transition to remote work successfully are now able to take advantage of low mortgage rates to purchase a home for the first time or to trade-up to a larger home.” Dr. Frank Nothaft, chief economist at CoreLogic, said that he expects a boost in home sales once a vaccine is administered or the pandemic ends.
“And if the economy’s recovery is sluggish next year, distressed sales may also add to market inventory,” he said. Price growth is expected to grind to a halt (0.2%) by this time next year, although a robust economic recovery would likely mean improved price performance, according to the report.
The post Massachusetts second highest price growth in the nation appeared first on Boston Agent Magazine.
McDevitt Real Estate Closing Attorney Services - Real Estate Law Massachusetts
Have a question about Real Estate Law or need a closing attorney? Fill out the form below or call us at 617-282-7550.
We are conveniently located in Hingham and Milton, Massachusetts.
Tags used in this real estate lawyer news blog post:
#Closing #Attorney #Boston #ClosingAttorney #ma #RealEstate #HomeBuying #Attorney #Lawyer #Law
McDevitt Law Group strives to provide the highest quality real estate law and estate planning services, and we have for almost 40 years. As a small law firm, we pride ourselves on providing personal attention to your case and providing the highest quality representation. Call us today, or use the contact form below.
Barnstable County | Bristol County | Duke County | Essex County | Middlesex County | Nantucket County | Norfolk County | Plymouth County | Suffolk County
Just click on the Phone Number to dial on your phone: