You’re not imagining it: Boston-area home values have jumped by their biggest percentage over the last 12 months according to the S&P CoreLogic Case-Shiller Home Price Index.

And the area wasn’t alone: New York, Charlotte, Cleveland, Dallas, Denver and Seattle saw the same records. Boston’s home values grew 18.7 percent from July 2020 to July 2021, while New York’s grew 17.8 percent over the same period, Charolotte’s by 20.8 percent, Cleveland’s by 16.2 percent, Dallas’ by 23.7 percent, Denver’s by 21.3 percent and Seattle’s by 25.5 percent.

Nation-wide, Phoenix saw the biggest gain in values from July 2020 to July 2021 at a whopping 32.4 percent. The nation’s 10 biggest metros saw values surge 19.1 percent over that period, while the 20 biggest metros saw values grow by 19.9 percent. Nationwide, values grew 19.7 percent, the highest ever such reading, Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI said in a statement.

Boston’s home values went up 1.2 percent from June to July on a seasonally-adjusted basis, Case-Shiller reported, with the May-June increase just 1 percent on the same basis.

““We have previously suggested that the strength in the U.S. housing market is being driven in part by a reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes. July’s data are consistent with this hypothesis,” Lazzara said. “This demand surge may simply represent an acceleration of purchases that would have occurred anyway over the next several years. Alternatively, there may have been a secular change in locational preferences, leading to a permanent shift in the demand curve for housing. More time and data will be required to analyze this question.

Boston Sees Highest-Ever 12-Month Gain in Case-Shiller Index

by Banker & Tradesman time to read: 1 min
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