The downtrend in Massachusetts home prices continued in February 2009, but at a much less severe rate than seen in most of the other major real estate markets across the US, according to new figures released by Standard and Poor’s.
These figures show that real property in Massachusetts has performed relatively better than have homes in many other regions of the United States. Massachusetts real estate remains one of the better performers among major real estate markets in the United States, a distinction it has enjoyed throughout the current national real estate recession.
The S&P/Case-Shiller Home Price Index for the Greater Boston MA region showed a 1.3% decline in single family home prices for the month of February 2009.
While no loss in home values is desirable, the decline in MA home prices was mild compared to February’s declines in regional markets centered in Atlanta (-2.5%), Miami (-3.0%), Chicago (-3.4%) and Phoenix (-4.5%).
The 10-regional market composite and 20-regional market composite indices maintained by Standard and Poor’s were down 2.2% and 2.1% respectively for February.
On an annual basis, MA real estate continued to out-perform most other major US markets.
The Boston Regional Index posted a 7.2% decline in single family home prices for the 12 month period ending February 2009. Standard and Poor’s 10-regional market composite and 20-regional market composite indices sustained annual home price losses of 18.8% and 18.6%, respectively for that same period.
This demonstrates that real estate in Massachusetts has performed much better than most other areas of the US.
Most of the 20 US regional markets tracked by Standard and Poor’s saw huge double digit price declines for the last 12 months. Boston joined Dallas and Denver as the only regional US markets tracked by Standard and Poor’s with annual price declines in single digits.
Conditions were even better for the MA regional condominium market in February 2009.
Regional condo values declined only 0.8% for the month of February according to Standard and Poor’s.
The S&P/Case-Shiller Home Price Index for condominiums in the Greater Boston region declined to 154.53 for February from January’s 155.78. The Index was at 165.13 back in February 2008, representing a 6.4% decline in condo values for the 12 month period.
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