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Arithmetic Repeat Sales Price Estimators

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Abstract

Repeat sales price estimators are designed to infer price indexes of infrequently sold and unstandardized assets, such as houses, based only on changes in prices of those individual assets that are observed to be sold twice. Repeat sales price estimators are proposed here that are arithmetic, and either value-weighted or equally-weighted. Moreover, variants are proposed that are interval-weighted, i.e., that correct for a form of heteroskedasticity, and that include additional regressors representing changes in hedonic variables. Some of these methods are applied to data on house prices in Atlanta, Chicago, Dallas and San Francisco 1970-1986.

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File URL: http://cowles.econ.yale.edu/P/cd/d09b/d0971.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 971.

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Length: 26 pages
Date of creation: Feb 1991
Date of revision:
Publication status: Published in Journal of Housing Economics (1991), 1: 110-126
Handle: RePEc:cwl:cwldpp:971

Note: CFP 781.
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Related research

Keywords: Price index; hedonic regression; housing;

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References

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  1. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
  2. Jonathan H. Mark & Michael A. Goldberg, 1984. "Alternative Housing Price Indices: An Evaluation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(1), pages 30-49.
  3. Palmquist, Raymond B., 1982. "Measuring environmental effects on property values without hedonic regressions," Journal of Urban Economics, Elsevier, vol. 11(3), pages 333-347, May.
  4. Henry O. Pollakowski & Susan M. Wachter, 1990. "The Effects of Land-Use Constraints on Housing Prices," Land Economics, University of Wisconsin Press, vol. 66(3), pages 315-324.
  5. Karl E. Case & Robert J. Shiller, 1988. "The Efficiency of the Market for Single-Family Homes," NBER Working Papers 2506, National Bureau of Economic Research, Inc.
  6. Goetzmann, W.N., 1990. "Accounting For Taste: An Analysis Of Art Returns Over Three Centuries," Papers fb-_90-11, Columbia - Graduate School of Business.
  7. Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February.
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  1. Investindo em selos
    by Roberto Ushisima in Empresas e Mercados on 2012-07-25 20:48:00
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