March data from Case-Shiller was recently published and its results were extensively covered in the media. NY Metro followers of the Case-Shiller index should note that “to be eligible to be included in the home price indices, a house must be a single-family dwelling. Condominiums and co-ops are specifically excluded.”
Since x% of Manhattan is condominium, it’s more helpful to look at the lesser-known Case-Shiller condominium index for New York. The performance of this index isn’t much different from its more popular counterpart (NY Condo prices have fallen 10.0% YoY as of March 2009 vs. -12% for the plain vanilla Case-Shiller index) but it does highlight a more explosive real estate rally since January 2000 (prices are up nearly 107% since January 2000 vs. 73.4% for vanilla Case-Shiller).
Data for the Case-Shiller condo index can be found here.
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