One problem with tracking
median home sales prices in a relatively small market is that median home sales prices can easily be swayed if a large number of small (or large) homes sell in a particular month or quarter.
To try to account for the size of the home, I decided to take a look at how the median price per square foot has changed over the past six years.
This graph has a few irregularities, but overall seems like it might be a reasonably trustworthy indication of how home values are adjusting over time.
Do bear in mind that while I have removed the size factor, I have not accounted for some other factors such as age. The first quarter of 2004 showed a sizable decrease in median home sales price --- this could be explained by a large number of older homes selling, or by some other factor that would affect the price per square foot of homes that sold.
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