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Why Case Shiller Numbers Can Be Skewed
Today Inman reported the latest Case Shiller numbers came out:
"A monthly home-price index that tracks price changes in 20 U.S. metro areas dropped 18 percent in October compared to the same month last year...The year-over-year decline was the largest on record for the Standard & Poor's/Case-Shiller 20-metro area price index, which dates back over two decades..."
I wanted to bring some attention to the way these numbers are calculated, as there are some strong biases which could potentially skew these numbers. 
The Case Shiller index was invented in the 60's using a methodology that weighted repeat sales data.  Before this people simply looked at price changes between repeat sales of a particular home, verses looking at median sales price data for a certain time period, to figure appreciation/depreciation rates.
However, when you look at the median sales prices, the number is going to be heavily influenced by the type of homes that are selling at the given time.  For example, in my neighborhood right now one and two bedroom condos are still moving at a decent clip.  However more expensive, single family homes are taking much longer to sell. So if I were to look at median sales for my neighborhood, ... more

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