Assumptions and Restrictions on the Use of Repeat Sales to Estimate Residential Price Appreciation

Donald Epley

Journal of Real Estate Literature, 2016, vol. 24, issue 2, 275-286

Abstract: The most popular methods to estimate residential price appreciation have been the use of repeat sales with a type of regression without much attention devoted to the assumptions and restrictions on the selection of the data or the eventual use of the results. In this paper, I discuss the critical issues that must be addressed in the use of repeat sales only and the median-to-median approach, which relies on the use of all sales. Users need to remember that each uses different data to measure inflation that is inferred to be the correct measure for the whole housing inventory. The eventual use of the results is either to concentrate on the improvement of the statistical procedure, or to produce a rate that can be used in a finance model. None incorporate the steps in the valuation process used by appraisers.

Date: 2016
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DOI: 10.1080/10835547.2016.12090428

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