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| Author: | Case, B. Quigley, J. M. |
| Title: | The dynamics of real estate prices |
| Journal: | Review of Economics and Statistics
1991 : NOV, VOL. 73:1, p. 50-58 |
| Index terms: | PROPERTY PRICES HOUSING HOUSING FINANCE PRICE INDICES |
| Language: | eng |
| Abstract: | Several studies of housing price trends recommend confining statistical analysis to repeat sales of residential properties. Recently, price indices derived from these techniques have formed the basis for interferences about the "efficiency" of housing markets. There is presented an improved methodology which combines information on repeat sales of unchanged properties, on repeat sales of improved properties, and on single sales, all in one joint estimation. Empirical evidence, based upon a rich sample of transactions on single family houses in a single neighbourhood, indicates the clear advantages of the proposed methodology, at least in one typical application. |
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