Aggregation Bias in Repeat-Sales Indices

Jonathan Dombrow, John Knight and C F Sirmans

The Journal of Real Estate Finance and Economics, 1997, vol. 14, issue 1-2, 75-88

Abstract: The repeat-sales methodology has become a standard approach for estimating real estate price indices. This article examines the underlying assumptions inherent in the repeat sales model and provides an empirical test for both included and omitted variables as sources of aggregation bias. The results indicate that virtually all price indices may be biased, the degree of bias being dependent upon the number of variables examined and the instability of their parameters over time. Copyright 1997 by Kluwer Academic Publishers

Date: 1997
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The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans

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