Homeowners: 'You're in better shape than you thought'
Monday, August 1, 2011
In an attempt to get a better understanding of what’s happening in the Twin Cities housing market, Herb Tousley at the University of St. Thomas has created a monthly housing market index that it hopes will offset some of the “issues” he sees in the closely watched Case Shiller report.
His new Residential Real Estate Market Index is based on recent data from the Regional Multiple Listing Service, including sale price, number of sales, proportion of distressed sales to traditional sales, market time, months’ supply, pending sales and new listings. Those numbers and a few others are used to create a numerical index, which has a baseline value of 1,000 for January 2005, the apex of the residential housing bubble. Tousley is the director of the Master of Science in Real Estate Program and the Shenehon Center for Real Estate in the Opus College of Business.
Originally published: 08/01/2011, Star Tribune