MASS home prices reach highest level since 2007
This week the Massachusetts Association of Realtors released its June report Massachusetts median prices back to 2007 levels.
That sounds good and is certainly good news for homeowners, but let’s dig a little deeper into the numbers. This chart shows median prices for Single Family Homes (SFH) in MASS on a quarterly basis since 2004. As always, my numbers exclude foreclosures and short sales.
The message I take from this table is one of how stable prices overall have been in Massachusetts. Prices did decline from late 2008 to mid 2009, but quickly recovered the majority of that fall.
Perhaps this next chart, which shows the median price for the first half of each of the last several years, will make the picture clearer:
In conclusion, I would say that these numbers confirm what I have written many time before; Massachusetts did not have the boom of other notorious markets – think Miami, Phoenix, etc. – but also did not have the bust. And the recovery of the last few years has not created a bubble, or anything like it.
Editor’s note: when this blog was first published this morning the second table was incorrectly labeled as Marblehead. All numbers in this article refer to Massachusetts overall.