Case-Shiller Boston Home Price Index 1/09

Single family home prices in the Greater Boston metro region fell again in January 2009.  Values declined 1.5% from December 2008’s levels, according to the S&P/Case-Shiller Home Price Index for Greater Boston.

The Greater Boston single family Index dropped to 150.73 in January 2009, a level not seen since the 150.42 reading back in April 2003.  The Index was at 153.05 last December.

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For the past 12 months, single family home prices in the Greater Boston market have fallen 7.3% (from the 162.59 Index reading for January 2008).

Standard & Poor’s publishes home price indices for a total of 20 US metropolitan regions.  What’s been going on in many of these regions makes what’s happening in Greater Boston look relatively benign.

Standard & Poor’s is showing home price declines in all 20 metro areas it tracks, both on a monthly and an annual basis.  Seven of the metro areas turned in monthly declines exceeding 4% for January 2009.  (As detailed above, Greater Boston was down “only” 1.5%.)

Phoenix experienced the worst loss of home value in January 2009 (a whopping 5.5% monthly decline).

For the last 12 months, the three worst performing metropolitan regions according to Standard & Poor’s Case-Shiller Home Price Indices are Phoenix (-35.0% on an annual basis), Las Vegas (-32.5%) and San Francisco (-32.4%).

Condominium values in the Greater Boston metropolitan region also turned in a negative performance in January 2009 according to the applicable S&P/Case-Shiller Home Price Index.

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Condo values fell 1.6% in January according to the Greater Boston Index (155.78 in January 2009 vs. 158.39 in December 2008). 

For the last 12 months, the Index showed a 6.7% decline in Greater Boston condominium values (from the 166.98 Index reading for January 2008).  Boston area condo prices are down to levels achieved back in September 2003 according to Standard and Poor’s.

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