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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The Case-Shiller indices for single family homes and condominiums in the Greater Boston region are roughly similar: the values of single family homes and condominiums in the Boston, MA metropolitan area both peaked in 2005.   Since then, the declines have nearly been pretty much in lock step.

Despite nearly 3 1/2 years of decline, values of both condo and single family properties in Boston in November 2008 were still significantly higher than they were at the start of 2002.

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