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Where are home prices headed?

Posted by Scott Van Voorhis November 29, 2013 10:08 AM

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If you think home prices are high now, well just wait until next year.

The median sale price of Massachusetts homes could hit $355,000 next year, up from just under $325,000 during the first ten months of 2013, Tim Warren, chief executive of The Warren Group, predicts in this Globe piece.

So what's the big deal? Well that would actually bring local home prices back to levels not seen since 2005, during the peak of the housing bubble.

As you may or may not recall, 2005 was a great year to sell a house, but not so much to buy one.

Still, based on the frenetic pace at which home prices are rising right now, that is probably a conservative guess.

Home prices across the state rose 12 percent from January to October compared to the same stretch in 2013, according to The Warren Group.

A similar jump would push the median home price up to nearly $365,000 by this time next year, well past the 2005 peak.

What's your wager?

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

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

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