Housing Market Stats Offered by CREA
Housing Market Stats by CREA is an effective study of market trends that affect the real estate market, be it in terms of price of the properties or availability of the location in a particular neighborhood apart from numerous factors. These trends are compiled and analyzed by six founding partners who contributed in developing this tool. These trends are made public to the people, the realtors working in the real estate sphere and also the government which then craft more effective legislation and regulations according to the trend. The real estate market is a game of returns on risk which is made easier by this tool that comes handy in undergoing a careful and informative study before investing in any asset or selling any property. This also comes with the added advantage of making predictions on the volatility of this diversified market and putting your money in the right deal. Housing Market Stats offer HPI and release house price data at different periods for realtors to predict any potential shift that could affect the stock market. Under Housing Market Stats, the Home Price Index is the measure that is used to compile and analyze numerous factors affecting the real estate market. To clear the air, let us first understand what HPI is and what is CREA offering with it.
Home Price Index (HPI)
It is basically an indicator of house price trends. This measure essentially implies on residential housing and helps keep an eye on price change from the date of the initiation of this measure. This methodology is region-specific and most nations have their own guidelines to work around it and furnish the parameters to be considered and analyze the price trends of residential houses accordingly. There are a lot of organizations in different nations working to collect the data related to the changes in price and analyze the movement of house prices across the country. This data collection is supplemented by a lot of ground reports and the house price trends that contribute to helping the realtors and investors keep a check on economic trends and any potential shifts in the stock market. For e.g. In Canada, the resale House Price Index is maintained by the Canadian Real Estate Association based on sale prices reported by real estate agents. In India, this index named NHB RESIDEX is maintained by National Housing Bank. The period for the release of the data also varies making it a monthly, fortnight or quarterly affair. The key takeaway of HPI is that it measures average price changes in repeat sales or reinvestment on the same property which makes it pertinent for nations to prevent over-sale or under-sale of houses to boost the national average. Now, CREA releases the data in a very transparent manner making the public know about the price trends going around the Canadian housing market and realtors advising their clients more knowledgeably about the risks and returns according to the trends. CREA makes sure that it comes up with clean and verifiable data to help people deal with their sales and investment in residential housing. These are done within two different time frames measuring different parameters respectively.
1. Monthly Stats
At the midpoint of each month, CREA provides the public with resale data from the previous months which can then be used to compare the trends and predict the economic outcomes of the stock market by realtors, investors, and the general public alike. Click here to know more.
2. Quarterly Forecasts
After each quarter, CREA revises the data and all the forecasts released in the past for average home prices or any other national sales activity by considering the influx of the new housing market data while also keeping a check on the updated interest rate and the latest macroeconomic situation of the country. Click here to know more.