February 21, 2020 Comments Off on Boston Home Prices Rise at Slowest Pace in 10 Years Views: 493 Boston, Boston New England News, Top Boston

Boston Home Prices Rise at Slowest Pace in 10 Years

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Boston home sale prices, including those for condominiums, marked their lowest year-over-year increase in a decade during 2019, the Walsh administration said Thursday. Citywide, the average increase was 3%, while condo prices were flat.

Moving in the opposite direction were home sales, which showed a Y-O-Y decline for all classes of homes. Condo sales, representing 70% of the total, declined 6% compared to 2018. For single-family homes, the decline was 8%; for two-family homes, it was 10%; and three-family homes, it was 6%.

The Walsh administration cited the figures as evidence that efforts to improve affordability, in both rental apartments and for-sale homes, are beginning to succeed.

With revenue-boosting measures ranging from selling the Lafayette Garage to a proposed transfer fee on all private real estate sales over $2 million, Mayor Martin Walsh intends to spend $500 million over the next five years on improving affordability.

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