Market trends for home prices and similar data seem to surface from all areas of the globe, many of which paint varying pictures.Jonathan Smoke with Realtor.com writes that if you’re relying on real estate data to determine the direction of home prices, you should probably not put all your faith in the statistical figures.
Variations in home price is influenced by a number of factors, according to Smoke, and putting a price on a home isn’t as easy as pricing a car or other item because each home is typically unique, and the person who currently owns the home has something to say to influence its price as well.
Instead, Smoke says home price trends are far more localized than a lot of the data that is available online. Because of all the potential variations, speaking to a local real estate professional could give you more insights into your area.
Source: http://www.realtor.com/news/trends/home-price-trends-context/?is_wp_site=1