Massachusetts Home Buyer Guide

The price of homes in Boston were 9.1 percent higher in January 2014 compared to January 2013; however, Great Boston Area home prices declined 0.5 percent compared to December 2013, according to the S&P/Case-Shiller Home Price Index, a survey of home prices in 20 metropolitan areas. The January 2014 report was released March 25, 2014.

Over the 20 metropolitan areas, home prices increased 13.2 percent year-over-year in January, but the 20-city survey showed its third consecutive monthly decline, dropping 0.1 percent compared to December 2013.

Twelve cities declined in January compared to December, with Chicago decreasing the most at 1.2 percent. On a year-over-year basis, Chicago was up 10.8 percent. Las Vegas led the way in the opposite direction with a 1.1 percent increase in January compared to December, marking its 22nd consecutive monthly gain. On a monthly basis only seven cities, Las Vegas, Miami, New York, San Diego, San Francisco, Tampa and Washington posted gains. Denver, which saw home prices increase 9 percent on a year-over-year basis, saw home prices remain the same in January compared to December 2013. 

All 20 cities posted year-over-year gains. Las Vegas led the way, with home prices increasing 24.9 percent in January compared to January 2013. Cleveland home prices grew the least amount in January, posting a 4 percent increase compared to January 2013. 

Despite the pricing momentum, Las Vegas is still 45 percent off its August 2006 high. That is the farthest from a peak of any of the 20 cities. Dallas and Denver are now less than 1 percent away from their all-time index highs. Dallas saw prices increase 10 percent in January compared to January 2013.

The data appears to indicate that the rapid price increases since 2012 may be giving way to more normal home price growth going forward.