Parcl Labs Price Feed Update

October 27, 2023
min read
Parcl Labs Price Feed Update

Parcl Labs Price Feed Update

At Parcl Labs, we are committed to delivering high-quality real-time data to help our users make better-informed decisions. Today, we are pleased to announce the launch of a renewed version of the Price Feed, a daily price indicator that tracks residential real estate in markets the USA, France, and the UK.

The new Price Feed extends our historical data coverage back to 2010 for all subnational markets in the USA and to 2000 for the country-level index. This allows us to provide more than 5 thousand data points for a wide variety of markets in the USA ranging from cities to the largest metropolitan areas in the country.

We ware able to increase our coverage by adding more than 1 billion new data points to our state-of-the-art data warehouse. This ensures that our estimates are more robust, better at handling outliers, and capable of capturing price fluctuations from a wide range of sources, including county registrars, real estate listings, and other local sources.

We have also adjusted the window size for markets where local idiosyncrasies caused increased volatility in real estate price estimates. This change has resulted in price estimates that are more robust, providing a more accurate representation of real estate activity in those markets.

Just like we did when we first released our PLPF we have  conducted a thorough evaluation of our time series with their expanded history. We conducted a correlation analysis of our PLPF against the markets that make up the Case Shiller 20 and the Country-level index. Our results show that our data demonstrates a strong correlation of 0.99 across all markets. But, unlike these the Case Shiller which focus on a limited portion of the market and is severyly  lagged, our PLPF incorporates real-time information to provide daily updates on prices across a wide variety of markets, so our users do not have to wait 2 and half months to understand what is happening in their markets today.

Table 1. Correlation coefficient with Case Shiller 20 Markets and US national index

The improved  Parcl Labs Price Feed (PLPF) continues with our mission of empowering our users to make better and more informed decisions about residential real estate. The PLPF provides a comprehensive solution to the problems associated with the real estate information ecosystem, offering a reliable and timely price feed that allows buyers, sellers, and investors to make informed decisions based on accurate and real-time market data. With more data points than ever before, improved stability of our time series and increased data coverage  there has never been a better time to utilize estate of the art data to make better decisions.

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