Zillow Home Value Index Accuracy

[Account Closed]

I have always taken the zillow zestimates with a half grain of salt as they are not accurate at all.  What I am curious about is the accuracy of the zillow home price index too?

At the early months of the pandemic, zillow's index was was showing prices had drop -2% over a year (even accounting for 2019) and were forecasted to go down -4% 1 year into the future.  

Now all of a sudden within the last 6 weeks zillows home price index totally changed and there was no dip in prices and the forecast is positive going into the future (quite high 8%)???

In everyone's opinion is this accurate?  Are their any other home price index's to compare it too?

[Frank Chin]

@Account Closed

Real estate prices are market specific. While folks are leaving NYC where I am, it's creating market bubbles elsewhere. I own rental property just east of NYC, i.e. Nassau County, and prices there are rising, quite spectacularly, due to high demand caused by low inventory and historic low mortgage rates. In my area, the opinion is certainly true. See: Nassau Suffolk real estate prices