How do local home price increases compare to the US?

Today’s RGJ had a story reporting on CoreLogic’s latest report on US home prices. The report stated that US home prices increase 4.6 percent in August compared to a year ago. This was the largest year-over-year increase in more than six years. See Measure of US home prices rises by most in 6 years

How do local home price increases compare to the US? Regular readers of this blog probably already know the answer, but taking a look at the most recent numbers I posted (see August Medians…) show the median sales price in Reno-Sparks is up nearly 14 percent year over year — rising from $154,000 in August 2011 to $175,500 in August 2011


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    What the Case-Shiller Index Really Says About Housing

    Using a base of 100, the index suggests that the value of a $100,000 home (adjusted for inflation in today’s dollars) purchased in 1890 would sell for only $119,000 today, 122 years later. That’s a mere 0.15% a year appreciation using simple math.

    Worse, the data also suggests that prices have yet to fully revert to their average, which is 112.9263, versus the most recent index reading of 119.9263.

    Put another way, existing home values have to fall another 6% before our nation comes into line with historical averages.

    Read entire article here: Ben Bernanke’s Misguided Focus on Housing is Like a Bad Joke

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    A complete nonsensical projection of data and subsequent conclusion. In 1890 the US was an agrarian society, today we are an urban society with modern utilities. I suppose if us urban dwellers still had outhouses in the backyard, then these numbers might have some validity.

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