Aggregation bias and the repeat sales price index
In: Real estate indicators and financial stability
This paper examines whether any consistent bias can be found in the creation of a repeat sales price index at the state level. This is done by comparing a transaction-based index with a housing-stock-based index. The housing-stock-based index weights each observed repeat transaction by the amount of housing it represents. Therefore, the aggregate or regional index should reflect the true appreciation of house prices.
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