Breaking down the different home price index reports - part three

In part one I discussed the S&P Case Shiller home price index and in part two I discussed the OFHEO (Office of Federal Housing Enterprise Oversight) home price index report. Today I am going to discuss the Radar Logic Daily Index. This report breaks down the price paid for homes by square footage. They use public source records to get this information. They update there report every day and do a 1 day, 7 day and 28 day report. Radar Logic says that there lag is to be no more than 63 days after the property has gone to settlement. They track 25 Metropolitan Statistical Areas. Here is the latest Radar Logic report.

Publication Date:

03/07/2008

Transaction Date:

01/04/2008

RPX

Data presented “AS IS”. Radar Logic does not make, and hereby expressly disclaims, any representation or warranty of any manner in connection with the information including, without limitation, with respect to its accuracy, completeness or fitness for any purpose.

MSA¹	MSA Code	1-Day²	7-Day³	28-Day³
25 MSA Composite	CP	$248.87	$243.78	$244.91
Boston, MA	BO	$223.41	$201.20	$209.33
Chicago, IL	CG	$191.60	$169.07	$169.58
Columbus, OH	CO	$101.73	$91.52	$91.63
Detroit, MI	DT	$89.91	$96.50	$99.35
Las Vegas, NV	LV	$135.33	$139.57	$141.61
Miami, FL	MI	$178.86	$173.94	$174.22
Minneapolis, MN	MN	$146.42	$137.68	$144.31
Philadelphia, PA	PH	$158.64	$148.81	$147.88
Sacramento, CA	SC	$157.38	$156.93	$167.79
San Francisco, CA	SF	$383.73	$389.74	$387.76
Seattle, WA	SE	$207.46	$209.40	$215.91
Tampa, FL	TA	$107.07	$118.85	$120.06
Manhattan Condo	MC	$1,030.35	$1,100.55	$1,120.80

¹ Metropolitan Statistical Area

² 1-day Daily Price is based on transactions on the transaction date.

³ 7-day and 28-day Daily Prices are based on transactions over the time frame indicated, ending with and including the transaction date.

I like that Radar Logic breaks it down to square footage paid for recent sales. Unfortunately the closest city to the Cecil County real estate market is Philadelphia, so as a Cecil County Realtor it does not tell me how the Cecil County real estate market or the Harford County real estate market is doing. Those Manhattan condo prices are pretty insane, huh? Glad I don’t live there. My next post on this topic will be the MLS local report for Cecil County homes and Harford County homes.

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Filed under: Market Statistics on March 9th, 2008

2 Responses to “Breaking down the different home price index reports - part three”

Tom P., on March 10th, 2008 at 9:50 pm Said:

it’s too bad that all these housing metrics are lagged, but the notion of a meaningful daily housing price is strange in light of extreme maket inefficiencies (including data challenges). If I understand it right, even their “daily” index is lagged up to 63 days, and even with the smoothed #s (28d avg), looks like a lot of data vol (vs mkt price vol). note they appear to mix all resi property types together, which must create noise. also, looked at the philly msa disclosure info and found that the phila index currently has no data from phila county, while the historical numbers appear to incorporate ample amounts. in light of this, even if a Cecil measurement was availble from this source, I wouldn’t want to use it to measure market value changes
cecilcou, on March 19th, 2008 at 11:26 am Said:

Hi Tom,
Thank you for commenting on my blog. You have some very good points. I do like the idea of breaking it down by square footage, but it would be nice if they could do this for different categories of homes, such as condos, townhomes, starter homes, etc…

Cecil County Connection