Tuesday, May 15, 2007

Case-Shiller Index

Today's DataQuick stats for southern California (also covered in the LA Times and Calculated Risk) announced the not-unexpected (to us!), "Southern California home sales sank to a 12-year low last month, led by striking sales drops in affordable neighborhoods." But, "Prices were fairly stable overall, ...." The $540K L.A. County median was unchanged from March, and up 5.9% from April 2006 (although other counties were down y-o-y).

That's why the like-sales approach of the Standard & Poor's S&P/Case-Shiller Index is more meaningful. It "uses data on properties that have sold at least twice, in order to capture the true appreciated value of each specific sales unit", for 20 metropolitan areas. It is available in spreadsheet form and on Paper Money's graph tool, which I used for the above plot of the original Case-Shiller 10-city Composite and Los Angeles since 1987.

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