Case-Shiller Index Rises
The media loves to quote the Case-Shiller Index, which measures home prices in 20 major U.S. cities.
That has always annoyed me because the Case-Shiller Index does not include the Boise real estate market and is, therefore, largely irrelevant when it comes to the health of our local real estate market.
What’s happening in Detroit, Atlanta, Miami, etc. has little, if any, bearing on the Boise real estate market.
That said, the Case-Shiller Index is reporting that year-over-year home prices rose 6.9% during the second quarter of 2012.
In comparison, Intermountain MLS data indicates that Boise (Ada County) year-over-year median home prices rose 13.7% ($141,957 vs. $161,450) during the same time period.
It’s nice to live in one the fastest recovering real estate markets in the country!
Data pertains to Ada County single-family homes on lot or acreage. Data does not include condo or townhome properties.
Source: DSNews.com article
August 28th, 2012 Posted in Inside Real Estate
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2 Responses to “Case-Shiller Index Rises”
By love on Aug 28, 2012
Media likes Case-shiller because NAR is on record falsifying growth data for housing and is correctly viewed as an ad agency whose MLS data analysis is for headlines not measurements.
Having said that the Boise market is definately appreciating and I am not arguing that point…I would love for CS to cover Boise Met.
By philhoov on Aug 28, 2012
I concur that NAR is a cheerleader organization.
Doubtful that CS would ever include a small market like Boise in their index and that’s fine.
I have a deep distrust of statistics other than my own because I have seen how they can be distorted to prove a point of view.
I see a lot of market data that mentions “Boise City”, which is misleading because it includes our entire MSA.
Our market is very disparate and it is largely irrelevant to combine Canyon County data with Ada County data because they are two very different markets.
I am planning to do a post on how there is no “national market” and how all market is local, and even hyperlocal.