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Prices of Single Family Homes Since 1970: New Indexes for Four Cities

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Author Info
Karl E. Case (Wellesley College)
Robert J. Shiller () (Cowles Foundation, Yale University)

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Abstract

This paper uses data on nearly a million homes sold in four metropolitan areas -- Atlanta, Chicago, Dallas and San Francisco -- to construct quarterly indexes of existing home prices between 1970 and 1986. We propose and apply a new method of constructing such indexes which we call the method of constructing such indexes which we call the weighted repeat sales method (WRS). We believe the results give an accurate picture of the actual rate of appreciation in home prices in the four cities. The paper explains the construction of the index, discusses the results and compares them with the National Association of Realtors data on the median price of existing single family homes for the period 1981-1986.

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File URL: http://cowles.econ.yale.edu/P/cd/d08b/d0851.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 851.

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Length: 53 pages
Date of creation: Apr 1987
Date of revision:
Handle: RePEc:cwl:cwldpp:851

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Noncooperative games; agreements; repeated games;

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  1. Piermassimo Pavese, 2007. "Hedonic Housing Price Indices: The Turinese Experience," Rivista di Politica Economica, SIPI Spa, vol. 97(6), pages 113-148, November-. [Downloadable!]
  2. Glaeser, Edward L. & Gyourko, Joseph, 2008. "Arbitrage in Housing Markets," Working Paper Series rwp08-017, Harvard University, John F. Kennedy School of Government. [Downloadable!]
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  3. Øyvind Eitrheim & Solveig K. Erlandsen, 2004. "House prices in Norway 1819-1989," Working Paper 2004/21, Norges Bank. [Downloadable!]
  4. Edward E. Leamer, 2007. "Housing is the business cycle," Proceedings, Federal Reserve Bank of Kansas City, pages 149-233. [Downloadable!]
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  5. Christopher L. Foote & Kristopher Gerardi & Lorenz Goette & Paul S. Willen, 2008. "Subprime facts: what (we think) we know about the subprime crisis and what we don’t," Public Policy Discussion Paper 08-2, Federal Reserve Bank of Boston. [Downloadable!]
  6. Kristopher S. Gerardi & Andreas Lehnert & Shane M. Sherlund & Paul S. Willen, 2009. "Making sense of the subprime crisis," Working Paper 2009-02, Federal Reserve Bank of Atlanta. [Downloadable!]
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  7. M. Baroni & F. Barthélémy & M. Mokrane, 2004. "Which Capital Growth Index for the Paris Residential Market?," THEMA Working Papers 2004-04, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
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  8. Katherine Kiel, 2006. "Environmental Contamination and House Values," Working Papers 0601, College of the Holy Cross, Department of Economics. [Downloadable!]
  9. David Duffy, 2001. "Does Controlling For Neighbourhood Quality Matter More For Different Types Of House," Economics, Finance and Accounting Department Working Paper Series n1091001, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth. [Downloadable!]
  10. Christopher J. Meyer, 1993. "Assessing the performance of real estate auctions," Working Papers 93-1, Federal Reserve Bank of Boston. [Downloadable!]
  11. Sumit Agarwal & Robert Hauswald, 2008. "The choice between arm's-length and relationship debt: evidence from e-loans," Working Paper Series WP-08-10, Federal Reserve Bank of Chicago. [Downloadable!]
  12. Julio Escobar & Carlos Huertas & Dora Alicia Mora & José Vicente Romero, . "INDICE DE PRECIOS DE LA VIVIENDA USADA EN COLOMBIA - I P V U - Método de ventas repetidas," Borradores de Economia 368, Banco de la Republica de Colombia. [Downloadable!]
  13. Erling Røed Larsen and Dag Einar Sommervoll, 2003. "Rising Inequality of Housing? Evidence from Segmented Housing Price Indices," Discussion Papers 363, Research Department of Statistics Norway. [Downloadable!]
  14. L. Rachel Ngai & Silvana Tenreyro, 2009. "Hot and Cold Seasons in the Housing Market," CEP Discussion Papers dp0922, Centre for Economic Performance, LSE. [Downloadable!]
  15. Denis Conniffe & David Duffy, 1999. "Irish House Price Indices ? Methodological Issues," Papers WP110, Economic and Social Research Institute (ESRI). [Downloadable!]
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  16. Olympia Bover & Pilar Velilla, 2002. "Hedonic house prices without characteristics: the case of new multiunit housing," Working Paper Series 117, European Central Bank. [Downloadable!]
    Other versions:
  17. Min Hwang & John Quigley, 2002. "Price Discovery in Time and Space: The Course of Condominium Prices in Singapore," Department of Economics, Working Paper Series 1040, Department of Economics, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
    Other versions:
  18. Kristopher S. Gerardi & Paul S. Willen, 2009. "Subprime mortgages, foreclosures, and urban neighborhoods," Working Paper 2009-01, Federal Reserve Bank of Atlanta. [Downloadable!]
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