Since peaking at its high of 182.45 in September 2005, the S&P/Case-Shiller Home Price Index for single family homes in the Boston metropolitan area has declined a total of 16.2%.
Metro Boston’s S&P/Case-Shiller Home Price Index fell to 153.05 for December 2008, the most recent month reflected in the report. This puts Boston home values at levels last seen back in June 2003.
December 2008’s index represents a 7.6% decline from year-ago levels and a sharp 1.3% drop in Metro Boston single family home values for the one month period (November to December 2008).
Interestingly, December 2008’s index of 153.05 is still 15% higher than the 129.93 index level recorded back in January 2002.
The S&P/Case-Shiller Home Price Index for condominiums in the Boston metropolitan area fell to 158.39 in December 2008.
This represents a 6.1% decline from December 2007 and a hefty 13.8% fall from condo values’ high of 183.86 achieved on the Index in October, 2005.
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