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I have since attained some more historical info, and when we zoom out a bit to see the bigger picture, it becomes clear that the median price per square foot hasn’t moved as smoothly as it initially appeared. The seeming tranquility during our initial four month period was as much luck as anything – always a danger with small data sets.
While a bit more volatile than it first seemed, this indicator still looks pretty serene compared to its more widely-cited brethren.
I’m still favoring the median price per square foot as a better means of determining what’s actually going on with home prices.