It almost certainly also includes the annual 2% increase in assessed value cap allowed under prop 13 for those houses that didn’t change hands.
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Yes but that’s a small % of what the real appreciation is compounded over many years and decades.
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Also, what is built and makes it onto the rolls, right?
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Jeez, Nate. Raining on my parade.
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Interesting. This looks like a lagging indicator, a variable we should expect to keep going up even if the underlying market slows significantly.
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This is why low volume markets provide a poor indicator for price. Few transactions on the margin imply impossible valuation of the entire market. Slightest uptick in volume would bring prices down considerably, IMO.
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