Massachusetts housing remains unaffordable despite the price declines seen throughout the state.

That’s Dr. Barry Bluestone’s assessment. Dr. Bluestone, an economist who directs Northeastern University’s Dukakis Center for Urban and Regional Policy, told business leaders at a NAIOP (National Association of Industrial and Office Properties) breakfast recently that without an uptick in new home building, housing prices will escalate beyond the reach of young working families.

For sure, Bay State home prices are significantly lower than they were four years ago. Statewide, median home prices are about 21 percent lower than they were in 2005 when prices peaked.

In Greater Boston, however, where jobs are concentrated, prices have held up a bit better, dropping by only about 16 percent, according to The Warren Group.

And rental rates may be headed upward. According to a story in this week’s Banker & Tradesman, rents in the Boston area are likely to rise because there are few apartment projects in the pipeline. Any concessions, like a free month’s rent, will disappear.

This should be a wake-up call to all those who think the housing market’s current slump has wiped away the state’s housing affordability challenges.