The S&P/Case-Shiller Home Price Index is a popular measure of domestic home prices, released monthly–and it tends to be one that causes San Diego Realtors to cringe.
The dreaded index reports on the largest 20 U.S. markets, painting a broad picture of real estate values nationwide.
Despite the Case-Shiller Index’s two obvious flaws — (1) it only counts repeat sales on single-family residences, and (2) it only includes 20 major housing markets — the model makes it easier to identify broader real estate trends in our nation’s largest cities.
Data, though, is just data, and it refquently takes a good picture for the data to make sense. It was bound to happen enter The New York Times and check out their new feature:
On its website, the NYT has posted an interactive Case-Shiller graphic. For each of the 20 cities studied, users can compare how home values rose versus the national composite throughout the early part of the decade, and how values have fallen since.
Predictably, of the 20 cities that showed stable growth pre-2006, nearly all are outperforming in the current real estate climate. San DIego home values, as a whole, show a year-over-year decreaswe of 25.8 percent.