It was tempting to put a provocative headline to this post along the lines of “Boston home prices soar 2.5% in one month!” or “Does the 2.5% jump in Boston home prices mean you’ve missed the housing market bottom?”
Misleading headlines a disservice
Such inflammatory headlines would garner attention but would be deceptive and a disservice to you. Yes, there was a large jump in home prices recorded in June by the S&P/Case-Shiller Home Price Index for Boston. But statistics can be misleading and in this case the huge spike in June prices does not accurately depict the current direction of home values in the Bay State . . . at least not yet!
2.5% leap in Boston home prices in one month
In a report issued last week by Standard and Poors, the Case-Shiller Home Price Index for Boston rose to 154.43 in June 2012.
That’s a whopping 2.5% increase over the 150.67 reading on the Index for the prior month. At face value, the increase seems decisive evidence of a rebound in MA home values.
Unadjusted home prices ebb and flow with the seasons
But home price statistics in Massachusetts are heavily impacted by seasonal influences. The S&P/Case-Shiller Index for Boston typically goes up in the spring and summer and tends to decline in the colder, darker months of fall and winter.
So if you take seasonality into account, the Boston Index SHOULD have gone up sharply in June – after all the Index has surged every June for the last four years!
Smaller rise in Boston home prices on seasonally adjusted Index
The need to account for seasonal distortions in home prices is the reason why Standard and Poors publishes an alternative, seasonally-adjusted version of the Case-Shiller Home price Index for Boston. The seasonal distortions are stripped out of the seasonally-adjusted version of the Boston Index shown below.
The seasonally adjusted version of the Index shows that Greater Boston home prices rose o.5% in June. That’s much more modest than that gaudy 2.5% gain in the unadjusted Index, but it represents a more accurate and reliable read on how metro-Boston home prices are really performing in 2012.
2% rise since February
As tracked by the seasonally-adjusted version of the Index, Greater Boston home prices are up 2% in the four months from February to June. That’s encouraging news for home sellers but certainly not an ‘I-missed-the-market-bottom’ cause for regret on the part of prospective MA home buyers.
Home prices in Massachusetts may continue to edge higher for the rest of 2012. Some experts are calling for higher prices in 2013 as well, counting on the MA economy to continue to improve.
So home buyers should take note: stop looking for home prices to continue to fall. Your bigger opportunity lies in taking advantage of today’s historically low interest rates and buying a home or investment property at a price which will probably look like a great bargain just a few years from now.
Copyright ©2012 02038.com
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
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Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. Talk with Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. His devotion to excellence can demonstrably improve your home buying and selling decision-making and, consequently, your experience of home ownership. Warren constantly stays current on the local housing inventory. And he is conversant with the broader market trends that affect home sales statewide link to Market Updates. Warren knows that the market knowledge he works so hard to maintain and his high standards of real estate practice help him achieve for you the lasting, true value of home ownership. Talk with Warren today! 508-561-6259
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wait until you hire an amateur.” Red Adair
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"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. In person, by phone, email or text, whenever you need him, you’ll get a prompt response from Warren! Warren’s clients rave about the high degree of consideration and attention they get from him. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Warren employs his own creativity by producing compelling marketing, both in print and especially online! His www.02038.com, is a highly effective website promoting the wonderful lifestyle afforded by the Town of Franklin, MA. And his Market Updates content on Massachusetts real estate trends gives home buyers and sellers alike the context they need to make more informed decisions about their housing investments. Warren frequently uses his abilities to devise resourceful solutions to the diverse challenges that threaten to complicate most real estate transactions. Warren has made real estate his career and won many sales awards in his 20+ years in brokerage, including the highly prestigious Chairman’s Circle Gold Award and the elite Centurion Award. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. His legal knowledge and decades-long experience in putting — and keeping — real estate sales together give him a better handle on the legal, practical and emotional dynamics of the real estate transaction. Warren uses these skills to empower clients to achieve more! He often anticipates and resolves problems BEFORE they can become serious impediments. Enjoy the sense of trust, security and control that comes from having a highly skilled expert at your side — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions and feel in control.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. But many agents give their fiduciary duties short shrift in their quest for the quickest and easiest path to a closing. Not Warren Reynolds! His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale. This may make Warren work longer and harder for you than most other agents would. But ultimately, Warren’s diligence and attention to detail is his commitment to an experience that transcends the sale. He wants you to have the confidence and peace of mind that comes with having a true fiduciary protecting you. Discover the difference of working with an agent who does not view you as just another opportunity for a commission – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.