John Corey

Is Case-Shiller the Best Measure of U.S. Housing Prices?

The index specifically excludes certain properties or types of property. Anything that has not been sold twice is out (i.e., all new build) plus condos and other attached property. The focus is on single family residential based on what the methodology page said the last I read it. This is neither good or bad in some ways. It just might not be what people assume. The index explains all the details on the website.

Now, if you overlay the fact that condos are out with the fact that some city centers have a heavy concentration (space is limited so housing is mostly stacked) that can explain why NYC with be out. It also tends to distort what people will see in Miami vs. what the index claims is going on in Miami.