Case-Shiller Price Index Unchanged for Miami Real Estate

posted on January 27th, 2010 filed under: Real Estate News

The Case Shiller Home Price Index, which measures repeat sales of the same homes, registered at 149.08 for November 2009, essentially unchanged from its level of 149.09 in October.  It will be interesting to see what next month’s Case-Shiller release (on Feb. 23) says about December 2009 prices.  The Florida Association of Realtors reported a significant jump in the median price for single-family homes in Miami in December (see Miami Real Estate Shows Signs of Panicky Buying (Yes, Buying) in December 2009).  But the change in median price might have reflected a change in the mix of homes sold (more or less expensive).  Avoiding that statistical noise is the main  reason Case-Shiller uses only repeat sales of same homes.

The Case Shiller index does not break down Miami real estate activity by locality, so one cannot draw any specific conclusion about home values in Coral Gables from the report.

Side note: New York was the worst performer in the Case-Shiller index, coming in at 173.24 — a 1.0% decline from October to November.  New York remains, according to some data, the most overpriced and least affordable real estate market in the country.

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posted by // This entry was posted on Wednesday, January 27th, 2010 at 10:30 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.

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