Repeat Sales Methods for Growing Cities and Short Horizons

Karl Guntermann, Crocker Liu and Adam Nowak
Additional contact information
Karl Guntermann: Arizona State W.P. Carey School of Business
Crocker Liu: Cornell University School of Hotel Administration
Adam Nowak: West Virginia University College of Business and Economics

No 14-20, Working Papers from Department of Economics, West Virginia University

Abstract: The accurate estimation of real estate indices is important for many purposes. A common method to estimate these indices is to use a repeat†sales procedure. Although this does not require property attributes, this method discards a large amount of sales. This paper proposes a method that can be used to incorporate a significant percentage of these discarded observations without requiring additional data collection by the researcher. We apply our method to the metropolitan statistical areas of Phoenix and Seattle and find that standard errors are on average two†thirds the value of standard errors from a repeat†sales procedure in Seattle and three†eighths the value in Phoenix.

Keywords: Repeat sales index; spatial errors; hybrid methods; nuisance parameters (search for similar items in EconPapers)
JEL-codes: G11 G14 R20 R21 R22 R32 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2014-07
New Economics Papers: this item is included in nep-geo and nep-ure
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