Aggregation Bias and the Repeat Sales Price Index

Anthony Pennington-Cross

No 03-03, FHFA Staff Working Papers from Federal Housing Finance Agency

Abstract: 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.

Pages: 19 pages
Date: 2003-12
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Chapter: Aggregation bias and the repeat sales price index (2005)
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