Jonathan Miller, CEO of the real estate appraisal firm Miller Samuel and Curbed contributor, has shared his thoughts on the Case Shiller Index over on the MRIS blog and he has the guts to say what many local housing market folks have been thinking for a long time. Namely, that Case Shiller is not worth all the media hullabaloo it receives when it is published on the last Tuesday of every month. He goes into detail about how their data set for DC measures only single family homes (not condos, co-ops, etc) and includes cities as far away as Jefferson, West Virgina. Those are a few of his critiques, but he points out that it is not something we should start ignoring: "The results are important, not because it provides an accurate description of the current housing market (it doesn’t), but because it forms a foundation for consumer sentiment on the housing market."
· Funny Thing Is, Case Shiller Doesn’t Reflect The Washington, DC Metro Area Housing Market [MRIS Blog]
· Case Shiller Home Price Indices [Official Site]