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Hottest part of market? Under $400,000

Posted by Scott Van Voorhis September 26, 2012 10:07 AM

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Boston-area home prices continue to rally, rising just about a percent in July, according to the latest Case-Shiller report.

But far more interesting is where prices are heating up - in the mid and lower end of the market.

The gold standard of the real estate tracking business, Case-Shiller focuses on repeat sales of existing homes.

And right now prices are rising significantly faster in Greater Boston on homes listed below $401,000 than for those at the high end of the market, Case-Shiller's July report finds.

The baseline for the Case-Shiller index is 100, representing where prices stood more than a decade ago in 2000.

The mid-tier of the market, everything from $257,301 to $401,782, rose 7 points since March to 154.84. The low end of the market, everything below $257,301, rose roughly 6 points to 160.46 during the same time period.

By contrast, homes in the high end, roughly $402,000 and up, barely rose a point since March, to 149.46. It also lags the aggregate number for the entire Boston market - high, middle and low - of 153.38.

In fact, it is a phenomenon being repeated across the country - homes in the low and middle price ranges are apparently where the action is at, The New York Times reports.

Buyers are back, but they are wary about stretching to buy homes with the bigger price tags.

Are you looking below $400,000? If so, what are you finding?

This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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