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The most misleading induce in real estate is the “median sales price”. It is simple the price of the home in the very middle of a group of homes sold. If there is no sales activity at one end of the range or the other the home in the middle will rise or fall accordingly even though there may be no change in that property’s value. In small sample sizes there can be a significant different between the sales price of the “median” home and the sales price of the homes on either side of it. There can also be a cluster (newly constructed homes sold) of sales north or south of median that can push or pull the median sales price independent of the true movement in home values. The best measure of home values is the Case Schiller Index of Home Values which tracks the actual values of specific homes over time.
The most misleading induce in real estate is the “median sales price”. It is simple the price of the home in the very middle of a group of homes sold. If there is no sales activity at one end of the range or the other the home in the middle will rise or fall accordingly even though there may be no change in that property’s value. In small sample sizes there can be a significant different between the sales price of the “median” home and the sales price of the homes on either side of it. There can also be a cluster (newly constructed homes sold) of sales north or south of median that can push or pull the median sales price independent of the true movement in home values. The best measure of home values is the Case Schiller Index of Home Values which tracks the actual values of specific homes over time.