Selection Bias in Housing Price Indexes: The Characteristics Repeat Sales Approach*
提出一种新的重复销售模型，通过引入房屋特征来控制可观测变量的选择偏差，并用佛罗里达州2002-2020年数据证明选择效应显著夸大了房价波动。
Abstract The widely used repeat sales method for constructing house price indexes only uses data for properties that sell twice or more. This makes it susceptible to selection bias as price movements for these properties may not be representative of those for the stock of homes. We outline a novel approach to modelling repeat sales, which allows for a home's characteristics to influence its price movement. This allows us to impute price changes for the stock of homes and control for selection‐on‐observables. Using data for Florida from 2002 to 2020 we find that selection effects significantly exaggerated the volatility of Florida's housing prices.