A More Timely House Price Index
利用房源数据构建了一个新的重复销售房价指数，该指数以合同日而非过户日的价格为基础，解释了房价短期序列相关性高、与股价及宏观新闻冲击相关性弱等谜题，并能比Case-Shiller等指数提前数月揭示房价趋势。
Using listings data, we construct a new repeat-sales house price index that describes house values at the contract date when the price is determined rather than the closing date when the property is transferred. We showthat this difference in timing helps explain several puzzles about house prices, including their strong short-term serial correlation and their weak correlation with stock prices and macroeconomic news shocks. In addition, we showthat a variant of our index that relies exclusively on listings data for recent transactions accurately reveals trends in house prices several months before existing price indexes like Case-Shiller become available.