Doesn’t the OFHEO data show the price of the SAME house? Of course, that results in dated data. Another problem: the data doesn’t tell the whole story. Median price is going up, but like you said, it’s because the mix of houses is changing. Also, it happens because fewer lower-end homes are sold as first-time buyers are squeezed out by rising interest rates. The distribution of homes sold is changing, making the median go up.
The MLS is not concerned with giving the public accurate data. A realtor can check the history of a property, and find out the total DOM prior to the buyer’s offer. But those of us trying to follow the market only get the most current DOM.
Another problem: what happens to the pendings which disappear? Is a reason ever given?
