Radar Logic puts out a home price composite index (RPX).
It covers the 25 largest metro areas, and fell 1.4% month over month in June — far more than Case Shiller’s 0.5% decline last week. Annual price changes were marginally deeper also: 17.2% year over year for the RPX for versus Case Shiller’s 15.9%.
The two series use very different methodologies; Case Shiller uses repeat-existing single-family home sales price; RPX index uses ‘price per square foot.’ RPX also includes new homes and condos as well as existing homes.
I recently have been hearing people claim that Case Shiller, as negative as it is, actually understates the Housing Price drop, as it lags prices by a year or more, and excludes foreclosures.
Note: I have not taken apart the Case Shiller methodology.
chart via Radar Logic
chart via FusionIQ, Bloomberg
Radar logic home price composite index (RPX)
Release Date: September 2, 2008