nar: The Case Against Case (Shiller)
- 02/07/08 01:53 PM
The Standard & Poor's/Case Shiller Index was released Tuesday, January 29th, showing an 8.4% drop in real estate prices in November, 2007 from November 2006. Case Shiller is a highly reported index that is alleged to be more accurate than the statistics provided by the Realtor associations.
The argument is that the Realtors report the average or median price of all sales from one year to the next, which is a different group of homes each year. Case Shiller only uses cases where the same home has sold twice, using the apples vs. apples argument. There is logic to this argument, but … (2 comments)
nar: Market Needs to Find Itself
- 06/25/07 09:47 AM
The National Association of Realtors reported today that sales of existing single family homes dropped to an adjusted annual rate of 5.99 million in May, the slowest pace since June 2003. Pardon me, but I thought 2003 was a pretty good year for real estate sales. The median sale price was down 2.1%, and the average price was down .8% from May of 2006.
"I think psychological factors are currently the biggest drag on the housing market, in addition to disruption from tighter credit for subprime borrowers," said Lawrence Yun, senior economist with NAR. I couldn't agree more.
The Standard & Poor's/Case Shiller Index was released Tuesday, January 29th, showing an 8.4% drop in real estate prices in November, 2007 from November 2006. Case Shiller is a highly reported index that is alleged to be more accurate than the statistics provided by the Realtor associations.
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