City-by-city price comps
Boston

Beantown still needs prices to decline, but it’s faring better than other cities. There’s a 30-percent difference in actual and equilibrium price, according to Local Market Monitor. The city didn’t see quite as big a price bubble — and oversupply — during the housing boom as other spots such as Las Vegas or Phoenix, says Celia Chen, senior director of housing market research at Moody’s Economy.com.

Median price end of 2008: $335,700
Median price end of 2007: $380,700
Percent change: -11.8%
Projected change through Q3 2009: -15.2%
Affordability rating: 2.0
Foreclosures in 2008:
(1 for every 56 households)
13,332
Foreclosures in 2007:
(1 for every 146 households)
5,106
Change in foreclosures: 161.1%
Expected to hit bottom: Q2 2010
Percent drop needed to reach bottom: -26.1%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $357,700
Q2 2008 local median price: $366,100
Q3 2008 local median price: $373,400
Q4 2008 local median price: $335,700



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