I doubt there was especially significant compositional changes from Feb 2020 to Feb 2022 in most SD zip codes.
A bigger issue perhaps would be small sample size, especially in the smaller zips.
Another issue is that some areas have major flipper renovations between sales while they are rare in others. This effect is largest in hot areas with older stock like Claremont, and less significant in new areas and the poshest areas where relatively few homes are in poor shape and extremely dated. So if 20% of Claremont homes have a 50k flip renovation and the average price is 1M, that means the zip’s appreciation is overstated by about 1%. Not a huge amount in this market, but 1% a year also does add up.
