June 28, 2008

Freddie Mac Conventional Mortgage Home Price Index SF NY – more useless data

http://www.freddiemac.com/finance/cmhpi/#new

Thanks to Madhaus for this chart, I guess. Frankly I’m not sure what the obsession with data is around here. After all, isn’t what your gut tells you more important than what your brain? Sheesh.

Here’s what Madhaus had to say:

I made this graph of just SF & SJ metro regions.
I added NYC for comparison (NYC metro, the yellow line)

Since they all cross 100 in 1987, that looks like the reference point for the index.

I guess this is supposed to make me feel good since we finally beat our dreaded enemy: New York.

Woot for us!

Comments (7) -- Posted by: burbed @ 5:05 am

7 Responses to “Freddie Mac Conventional Mortgage Home Price Index SF NY – more useless data”

  1. Brian Says:

    I found an article with the “most expensive zip codes” in the U.S., it listed all zip codes with a median price of $500,000+. Of the 228 listed, 148 were from California. NY had 38, VA had 11, IL 8, FL 6. Specifically, Northern CA had 98 of the top 228, while Southern CA had 50 of the top 228. Both eclipsed NY’s dismal 38 number. Woot!

  2. Real Estater Says:

    How about a RBA index? The moment you have San Jose in the aggregate it becomes useless data.

  3. madhaus Says:

    The moment you have San Jose in the aggregate it becomes useless data.

    That’s okay, New York has Wayne and San Francisco has Redwood City. It’s all useless if you define the prime area as where prices haven’t fallen… yet.

  4. madhaus Says:

    Okay, more useless data here.

    This week’s RBA:

    Community Price % Chg $/SqFt #Sold %
    Atherton 94027 n/a n/a n/a 2 -83.3% No data but it’s down, down, down
    Belmont 94002 $980,500 10.3% $538 21 0.0%
    Burlingame 94010 $1,825,000 0.8% $718 34 -37.0% When did Burlingame get so pricey?
    Cupertino 95014 $1,141,000 31.1% $667 64 -27.3% way up!
    Los Altos 94022 $1,875,000 13.6% $856 29 -25.6%
    Los Altos 94024 $1,710,000 7.2% $845 35 6.1% both zips up, plus volume up in ’24
    Los Gatos 95030 $1,700,000 10.0% $735 21 -4.5%
    Los Gatos 95032 $1,052,500 -7.1% $600 37 12.1% Volume up, prices down.
    Los Gatos 95033 $471,500 -45.2% $481 10 -16.7%
    Menlo Park 94025 $1,175,000 26.9% $573 33 -56.6% Looks like those little eastside shacks are less popular this time
    Millbrae 94030 $995,000 54.3% $630 17 -50.0% ZOMG, someone overheard WG say Millbrae looked good
    Mountain View 94040 $615,500 -30.4% $563 24 -22.6% WTF? Bunch of condo sales? We saw numbers like this 6 weeks ago, too.
    Mountain View 94041 $940,000
    9.7% $531 9 -10.0% This median is what I expect to see in ’40. What is happening to ’40?
    Mountain View 94043 $669,000 -3.0% $515 28 -30.0% ’43 is the epic fail of MV
    Palo Alto 94301 $1,075,000 -24.2% $1,039 15 -16.7% And ’01 stops the crazy increases we saw 2 weeks ago
    Palo Alto 94306 $1,285,000 35.3% $766 18 -45.5% Double WTF! ’06 should not be more expensive than ’01! Did all the buyers run south to Eichlerville?
    Portola Valley 94028 n/a n/a n/a 10 42.9% See Atherton
    RC/Emerald H 94062 $1,200,000 -5.9% $655 21 -43.2%
    RC/Shores 94065 $838,000 -5.3% $526 16 -48.4%
    San Carlos 94070 $865,000 -13.6% $630 29 -39.6%
    SJ/Almaden 95120 $1,055,000 6.6% $467 31 -38.0% Thanks to WG, we add Almaden to the please can I be in the RBA list
    SJ/Willow Glen 95125 $693,000 -11.3% $508 32 -64.4% And maybe for that we should take Willow Glen out
    SJ/Westside CUSD 95129 $867,500 -8.7% $566 39 0.0% Cupertino schools, baby. Cupertino schools!
    Santa Clara 95051 $640,000 5.9% $470 33 -44.1% Please welcome SC/CUSD to the would-be RBA list courtesy of DreamT
    Saratoga 95070 $1,485,500 -7.6% $647 38 -22.4%
    Sunnyvale 94087 $926,500 -1.6% $584 49 2.1%

    Ladies and Gentlemen, I bring you the end of Spring Bounce. You are truly priced in forever.

  5. madhaus Says:

    sorry for the error with bold above, between Millbrae & Mtn View. The preview only shows the first 10 or so lines.

  6. WillowGlenner Says:

    Thanks for posting the sales madhaus. I used to read those religiously and they still are decent fodder for discussion here- HOWEVER, I have discovered through close scrunity of a few areas… that once again, the devil is in the details.

    taking my zipcode 95125, the median price is down this week (it was also down last week but down further this week)- except that last week, with a higher median, the pr/sq ft was $485, whereas today, with a lower median the pr/sq ft has popped to $508. The highest price per square ft I can ever remember for here was $525 (just from memory- I could be off here- but 95125 does not have the really high price per sq ft due to some edge properties and a TON of busy streets due to the close-in nature).

    This is just for one zipcode I happen to know. But this happens all the time with those stats. I think the real key now is week over week inventory of unsold homes.

  7. madhaus Says:

    Well remember, the % change is over same period last year, not from last week, and they aren’t reporting the square footage of the homes sold. It’s entirely possible that it’s all correct even though it conjures up those conflicting stats.

    Too bad Altos Research won’t give away zips for free, just cities. And San Jose is an awfully big one. They do track inventory.


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