S&P/Case Shiller Home Price Index
Posted on December 26, 2007
Filed Under Portland, Statistics, Selling Real Estate, Buying Real Estate, Real Estate |
I haven’t written much about this index, but it provides a little different - and more accurate - view into what’s happening with existing home sales. At its very briefest, it follows (now) twenty metropolitan areas by doubling the sale and resale of the same homes, then calculates the appreciation. The median and average sales used by the NAR and various MLSs, including RMLS, can be skewed by a higher volume and availability of more expensive homes.
The YoY index for October is out this morning - summary here - and it’s not comforting for most of the country, prices down as much as 12.4% in the Miami area and down in seventeen of the twenty survey cities.
Only Charlotte (4.3%), Seattle (3.3%) and Portland (1.9%) showed increases.
But remember: AREIL.
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