Boston housing values dip in October
Boston housing values dipped slightly in October for the second month in a row, according to data released today by the S&P/Case-Shiller Home Price Indices. Home values fell by less than 1 percent in October compared to the month before, according to data based on repeat home sales.
However, values are still up from a low point earlier this year. Karl E. Case, an professor of economics at Wellesley College and co-founder of the Case-Shiller indices, believes the Boston-area housing market hit bottom in March.
"You can call it a bottom, but not much of a recovery,'' said Case. "The evidence says flat. Flat this time of year, given all that has happened, isn't bad."
The Boston data reflects national numbers indicating a housing recovery seen in the spring and summer has slowed. However, the annual rate of decline in home values improved fruther, falling to 7.3 percent from double digits earlier this year. .
The Case-Shiller indices is widely considered the leading measure of US home prices.
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