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This paper examines house price index methodology and explores what makes an index both practical and representative. Two approaches are investigated: predictive ability (quantitative) and index structure (qualitative). Five indices are analyzed, four of which are repeat sales indices in the traditional sense and an autoregressive index which makes use of the repeat sales idea but includes single sales as well. The autoregressive index has the best predictive performance.
Nagaraja, C. H., Brown, L. D., & Wachter, S. M. (2010). House Price Index Methodology. Retrieved from https://repository.upenn.edu/statistics_papers/145
Date Posted: 27 November 2017