Jun 5, 2024 - News
Boston-area home prices up 8% from 2023
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Massachusetts home prices show no signs of slowing, despite mortgage rates hovering near 7%, per the latest data from the Federal Housing Finance Agency.
Why it matters: That's good news if you own your home and tough if you're a would-be buyer on the sidelines.
State of play: Home prices around Boston are up more than 8% from last year, per the report.
- In the Cambridge-Newton-Framingham area, which the agency counts separately, they're up 9%.
- Home prices around Worcester are up 10%.
Zoom out: Nationwide, prices are up 6.6% from last year, per the FHFA.
- The hottest regions aren't even in Massachusetts: Vermont saw the highest home appreciation in the country with a 12.8% increase.
- New Jersey (11.6%) and New York (10.9%) weren't far behind.
The big picture: Low housing inventory is contributing to the high prices, said FHFA's Anju Vajja, in a statement.
- You can thank rate lock for that.
Steph's thought bubble: It's crazy to see it spelled out in the report, but home prices are up nearly 400% from the first quarter of 1991.
- Keep that in mind the next time someone tells a millennial or Gen Zer to simply save up for that starter home.