TITLE

Comparing Aggregate Housing Price Measures

AUTHOR(S)
Rappaport, Jordan
PUB. DATE
October 2007
SOURCE
Business Economics;Oct2007, Vol. 42 Issue 4, p55
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article presents an overview of the methodologies that have been developed to measure the aggregate price of housing and offers a detailed guide to the major house price indexes based on them. It discusses the two main problems in measuring the aggregate price of housing, which are heterogeneity and the frequency of sales. It explains how the interaction of these two problems interfere with measurement. The three distinct approaches to measuring aggregate house prices that are discussed in the article include taking a simple average of all house prices observed in a period, the repeat sales methodology, which focuses on houses the have sold more than once, and the hedonic methodology, which uses statistical techniques to control for differences in quality.
ACCESSION #
27714376

 

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