Housing Price Indices Based on All Transactions Compared to Repeat Subsamples
比较了用重复销售子样本和全部交易样本估计的房价指数，发现短期趋势有差异，但长期无系统性偏差，对研究房价指数方法的经济学者有参考价值。
The set of real properties sold during a given period of time may be subdivided into several subsets comprising those properties that sold only once, only twice, and three or more times. The major reason for subdividing the sample is to allow estimation of residential price indices by the repeat‐sales methodology. The purpose of this paper is to compare price indices estimated with the repeat subsample to indices based on the entire sample. Our data for five metropolitan areas indicate that cumulative price trends for the repeat subsamples can differ from the full samples over periods ranging from two to ten quarters. While short‐term price trends can differ widely, there are no systematic differences among the samples over periods of three years or more. The data indicate that arbitrage typically forces prices for the repeat sample to grow at the same rate as those for the full sample. Whether this would be the case in areas experiencing greater disequilibrium than our towns in the Hartford area is uncertain.