House prices drop in Boston

According to this Globe article, house prices are dropping dramatically in Boston.

[R]eductions in asking prices of 10 percent or 20 percent are now common in both high and moderately priced neighborhoods, according to real estate agents and listings of homes for sale. In Cambridge, price cuts averaged $300,000 in a sampling of a dozen houses listed in the $1.25 million to $4.3 million price range. In suburbs like Tewksbury and Hopkinton, homes originally listed for around $500,000 have been slashed to the low $400,000s.

The article does not detail what these prices were selling for 5 years ago.

The pricing in Boston defies me. It does not have great weather, unlike CA, and is not a cultural mecca, like New York. It should be priced at the level of Chicago, which I think is a great city.