Greater Boston lands on list of “lowest performing major markets”
Home prices continue to fall across the country, but the pace of decline is starting to slow, ClearCapital reports.
But apparently it is a different story here in Greater Boston.
Nationally, prices fell 2.3 percent, on a quarterly basis, in May, less than half of April's 4.9 percent drop.
By contrast, the Boston area home prices fell 4.1 percent in May, landing it on a list of laggards topped by the likes of Detroit, Hartford and Cleveland.
Now that's quite a turnaround.
For years Boston has been the darling of real estate industry trackers.
No matter how bad things got in foreclosure-riddled cities like Phoenix or Las Vegas, prices were always comparatively stable in the Boston area.
Of course, I am likely reading too much into this. After all, prices are still too high in Greater Boston for many middle income buyers, especially inside 128.
Still, it would be nice to think the downturn might at least put a dent in our chronic affordability problems.
