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Here’s a good explanation of the difference in home price numbers which you hear in the news: Case-Shiller Home Price Index.

This blog post from NAR also gives the short version of why the Case-Shiller indices, which Wall Street loves for economic outlooks, are not useful at all for a small market like Flagstaff. When the author says “repeat sales,” he means exactly that — sale of the very same house without major remodeling. This methodology just would not give a large enough sample in the Flagstaff real estate market.

Here’s the latest Flagstaff Home Sales Report — June 2014 numbers.