Boston was ranked #7 as one of the best real estate markets in the country. New York City, Washington D.C., and Charlotte, rounded up the top three, with Las Vegas listed as the weakest market in the nation. Cities were ranked according to the S&P/Case-Shiller home price index. Released monthly, the index examines repeat home sales in 20 metro markets, including the city core and surrounding suburbs. This means that while prices in the San Francisco neighborhood Pacific Heights might be holding up, the net effect of including a bankrupt suburb like Vallejo brings down the metro area's score. Each city's score is assigned based on the price difference from 2000, which is scored as 100. So San Francisco's score of 130.12 means prices are up 30.12% from 2000. It still has the potential for a further fall, given the 31% year-over-year drop. Boston however has a index rating of 153.05 with a month-to-month drop of -1.28% and year-over-year drop of -7.01% showing more stability.
Source: S&P/Case-Shiller home-price index, released Feb. 24, 2009.