by Wolf Richter
Wolf Street
But condo prices in the San Francisco Bay Area fell year-over-year again, and in New York City have been flat for years.
The national average doesn’t do justice to the craziness in specific housing markets, but it’s crazy enough: House prices soared by 13.2% from a year ago, the biggest increase since December 2005, on the eve before it all came unglued starting in 2006. The National Case-Shiller Home Price Index today is based on a three-month average of sales recorded in public records in January, February, and March. That’s the timing we’re looking at.