Monitoring Price Behaviour in the Resale Housing Market: A Note on Measurement and Implications for Policy
AbstractThe authors compare their constant-quality index of house prices in Toronto for the period 1974-89 with the standard Multiple Listing Service (MLS) index, which has widely acknowledged limitations. The short-run signals regarding price movements often diverge, and the MLS index suggests a more rapid rate of price escalation. They review the importance of accurate measures of resale prices to the formulation of housing policy, and to the related issue of whether the housing market is efficient.
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Bibliographic InfoArticle provided by University of Toronto Press in its journal Canadian Public Policy.
Volume (Year): 18 (1992)
Issue (Month): 1 (March)
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Web page: http://economics.ca/cpp/
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Case, Karl E & Shiller, Robert J, 1989.
"The Efficiency of the Market for Single-Family Homes,"
American Economic Review,
American Economic Association, vol. 79(1), pages 125-37, March.
- Karl E. Case & Robert J. Shiller, 1989. "The Efficiency of the Market for Single-Family Homes," NBER Working Papers 2506, National Bureau of Economic Research, Inc.
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