Boston Ma, area home prices climb 10.9 percent in 12 months: Massachusetts Homebuyers Homeownership

 Home prices in the Boston area increased 10.9 percent from February 2021 to the same month this year, according to the latest CoreLogic Home Price Insights report. CoreLogic predicts price increases to slow significantly by next spring in most metro areas. It projects Boston Ma, area home prices to rise 3.9 percent by February 2023. CoreLogic HPI reviews data from four hundred U.S. markets to show price changes year over year and month to month, and it also makes projections about where pricing is headed for the coming twelve months.

 Nationally, home prices increased twenty percent in February compared to the same month in 2021. It’s the twelfth consecutive month showing double digit percentage growth from the previous year. The CoreLogic HPI Forecast projects that growth to slow in 2022. It anticipates a five percent annual growth in home prices nationally by February 2023 as interest rate hikes drive away some buyers and temper some of the housing demand.

 “New listings have not kept up with the large number of families looking to buy, leading to homes selling quickly and often above list price,” CoreLogic Chief Economist Dr. Frank Nothaft said in a news release. “This imbalance between an insufficient number of owners looking to sell relative to buyers searching for a home has led to the record appreciation of the past twelve months. Higher prices and mortgage rates erode buyer affordability and should dampen demand in coming months, leading to the moderation in price growth in our forecast.”

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