Tuesday, February 26, 2008

Macromarkets: Los Angeles area median housing price down -13.7% for December 2007

The Case-Shiller index was released for December 2007.

According to the index, the Los Angeles area median home price was down -13.7% from December 2006, and down -3.1% from November 2007.

To view the full report, visit Macromarkets (PDF file).


Blogger LA__Renter said...

I would really love to see the Case Shiller algorithm applied on a neighborhood by neighborhood basis. I know the median sales prices have increased here in the South Bay, but I highly doubt home prices when comparing apples to apples has increased at all. In fact I would think it is safe to say that home prices here in the south bay are actually falling. Case Shiller index would be able to point that out.

12:19 PM, March 01, 2008  
Blogger bearmaster said...

Me too.

Unfortunately accurate sales data is not easy for me to access and accumulate. I have lots of old sales records but they are lopsided toward the extreme north Redondo neighborhood I live in.

Even with access to sales records, there are problems with accuracy. For the first sale of new construction, after the previous sale was a teardown, the record often retains the square footage of the teardown instead of the sqft of the new construction.

Then assuming I had good records, I would need a piece of code to go through the records and be able to find properties with a sale history, that haven't been modified in terms of square footage - then build a new table with just those records. I don't think that would be hard to do - getting good accurate records is much more difficult.

12:42 PM, March 01, 2008  

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