Boston Is The 3rd City To Pass Previous Home Price High-Water Market
by Eric Bush of GaveKal Capital,
The S&P/Case-Shiller Home Price Index for July was released this morning and showed that we have a new city that is making all-time house price highs. Boston home prices, which had a 1.1% month-over-month gain and is now 4.29% higher year-over-year, are now 80 bps higher than the peak price in 2005. Boston joins Denver (+22.1% over the peak) and Dallas (+21.3% over the peak) as the only cities out of the 20 cities that S&P/Case-Shiller HPI tracks that have surpassed housing bubble price highs. However, three more cities (Charlotte, Portland and San Francisco) are all only about 1% off previous highs. In contrast, Phoenix and Las Vegas remain well over 30% off its highs.