Real Estate News
--> Illinois News
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).
See All Reports
Chicago Office | Illinois Policy
190 South LaSalle Street | 1500 | Chicago, IL 60603
t 312.346.5700 f 312.346.5755
Springfield Office | Illinois Policy
802 South 2nd Street | Springfield, IL 62704
t 217.528.8800 f 217.528.8808 e email@example.com
Trending Illinois News:
Kendall real estate market recovering?
Ranking female operative in Mexican drug cartel appears in Chicago court
Illinois Second Highest in Property Taxes
PropertyUP Announces New Unique School Search Tool
Huntley, IL Homes For Sale & Real Estate
Pine Tree announces a promotion and new hire
Illinois treasurer to governor: No 'junk' for credit trunk
Bite-sized Biennial shows give the big exhibit a Chicago focus
Natural gas safety tips
Top 10 Subdivisions in Arlington Heights, IL - October 2016
Train to begin a successful real estate career at Oakton this summer
Tips on avoiding a New Year's hangover
The Ins And Outs Of Rosce: The Best Things To Do In Roscoe, Illinois
States Acting to Protect Buyers of Seller-Financed Homes
Judge dismisses Illinois class action suit against Zillow over Zestimate home valuation tool
OC Ends 23-Year Bankruptcy as Illinois, Connecticut and Maine Default
AARP IL URGES GOV. RAUNER TO SIGN SENIOR CARE PROTECTION BILL
Amazon keeps tinkering with its warehouses. You should do the same
Illinois electors split over system to select president
Some real estate agents using texting to sell and buy homes