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FAQ - Frequently Asked Questions
1. Do you have indices on geographical areas other than those presented in the Tables?
No. We need enough data for each town in order to calculate the price and volume indices. Accurate estimation of the indices usually requires twenty to thirty transactions in each quarter in each town. Thus, we must omit small towns and those where activity in the market is low. Also, our data source, Banker and Tradesman, does not collect data in all town halls, especially in the northeastern part of the state.
2. What is the source of the data?
The University of Connecticut purchases the data from Banker and Tradesmen, the parent company of the Commercial Record. Banker and Tradesmen sends investigators into many of the town halls in Connecticut to collect information on sales price, house characteristics, and the like.
3. How accurate are the price indices?
There is noise in the price indices. Generally speaking, each index is accurate within + and -2%. Thus, if the index increases by 5%, the true rate of increase is likely to fall in the range of 3% - 7%.
4. Is there any seasonality in these indices?
Yes. The housing market is characterized by seasonality with house prices being relatively high in the late spring, summer, and early fall. However, each town differs in terms of the amount of seasonality.
5. How do I obtain additional information about these indices?
You can send e-mail to: john.clapp@business.uconn.edu
6. Do you have additional indices(e.g., condominium or single family price indices) for my town?
No. We need enough data for each town in order to calculate the price and volume indices. Accurate estimation of the indices usually requires twenty to thirty transactions in each quarter in each town. Thus, we must omit small towns and those where activity in the market is low. Also, our data source, Banker and Tradesman, does not collect data in all town halls, especially in the northeastern part of the state.