Comprehensive Home Price Index to Hit South Florida in September

August 13, 2012

John Tuccillo, chief economist for the Florida Realtors group has made it his mission this past year to create a price index specifically for Florida. Tuccillo was hired last year to head the group’s new data and analysis department. He says that this price index is unique because no other state has a price index quite as comprehensive.

“This is really the first of its kind in the nation,” Tuccillo said. “No other state has a Real Estate Price Index that’s this comprehensive, and we’re pretty proud of it.”

The price index uses Florida Department of Revenue data to describe house prices in Florida and its metropolitan areas like Miami, over the last 17-years. Information about the index and how it works can be found on the research page of floridarealtors.org.

The S&P/Case-Shiller home price index tracks and summarizes the price movement of homes throughout the country, and is considered one of the most accurate. The new Florida Realtors Real Estate Price Index will use similar methodology as the Case-Shiller home price index to create the new index.

In recent news, the S&P Index showed that the luxury oceanfront real estate market was doing very well. The index showed that there was a six-month increase in sales for Palm Beach, Broward and Miami-Dade Counties in luxury real estate property.  It will be interesting to see what the Florida Realtors Real Estate Price Index shows.