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Not disagreeing - there's obvious 6th grade level confusion about average versus median - but I think the point was lost on the reporter that you can see in Boston area stats how the mix of properties sold drives the median, especially if you're mentally referencing a submarket smaller than "Suffolk County". This isn't a big place. I live in Brookline, an affluent Boston submarket, and you can see how the mix of properties sold shifts from small condos to larger places and homes. Because the numbers of properties sold isn't that large, the median can move around, even going down as psf goes up, though obviously not as dramatically as average. This has become less true in the last year as prices have risen a lot (so the mix may understate (or overstate) the rise). I'm making an obvious point about the median, but I think the reporter mistranslated what his interviewee meant, particularly about the market and submarkets. PSF is a better gauge here, as in other high cost urban markets, because you can isolate that to location and condition, plus you can extract from it a profit measure, meaning the amount of profit available in buying, "renovating" and selling. I put "renovating" in quotes because it is currently cheaper here to gut than to actually renovate, in part because actual renovation skills are in shorter supply and thus are driven to higher cost psf projects. Even so-called "historic" rehabs, even in actual historic districts, are complete gut jobs.


He makes it clear in the next sentence what is meant "What’s required to get a clearer picture, he says, is something like the S&P/Case-Shiller Home Price Indices, a repeat-sales calculation of existing homes." So it is nothing to do with the behaviour of the median but rather comparing like to like.

David Walker

These days it is surely difficult to analyse statistic or any kind of real estate data even by experts because the market is fluctuating so fast especially in this sector.

Aspen Homes

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