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House of pain: Illinois property taxes up, but home prices lag
Meanwhile, Illinois’ nonfarm personal income (adjusted for inflation ... Prices are influenced by changes in costs and also by changes in the characteristics and size of homes actually sold. For example, if for some reason in a given year a ...
The first category consists of value measures such the American Community Survey, the decennial census or Zillow’s home value index, which all confound price and quantity changes.
Unfortunately, median or average sales prices are not a good measure of appreciationMovements in sales prices should not be interpreted as measuring changes in the value of a homePrices are influenced by changes in costs and also by changes in the characteristics and size of homes actually soldFor example, if for some reason in a given year a disproportionately high number of high priced homes were sold, the median price would rise even if no single property appreciated at all.
The second category consists of proprietary price index data such as Black Knight, CoreLogic or Case-Shiller, which are produced using limited transactions data prior to the late 1980s or early 1990s, forcing reliance on geographic pooling of transactions, smoothing of series over space or time, or limiting coverage.
To address this gap in the availability of constant-quality house price measures, economists at the Federal Housing Finance Agency used data from nearly 100 million transactions to construct a comprehensive set of annual house price indices over four decades for cities, counties, 3-digit ZIP codes (ZIP3s) and 5-digit ZIP codes (ZIP5s).
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