The Personal Seattle Real Estate News
Why the Case-Shiller index is useless for home buyers and sellers.
No real estate data gets as much play as the S/P Case-Shiller index. Every news show and Website tells you how the US real estate market is doing. The media distribution of the Case-Shiller index is at least equal a Fed announcement on QE. The problem with the Case-Shiller index is that it is old news, fit perhaps for the History Channel.
Today’s Old News
Unfortunately, the low information news consumer’s memory is short. We retain not much more than today’s news. If today’s news is that Seattle area home prices are flat then that must be so. That’s what the Seattle Times reported today, October 28th, 2014. The headline and intro paragraph read:
Seattle area home-price gains stall in August
The average price of existing single-family homes sold in the Seattle area in August remained the same as in July, according to the S&P/Case-Shiller 20-city index. Over the past 12 months, the average home price increased 6.6 percent.
August? Today is October 29th.