Estimating Housing Price Indices for Small Metropolitan Areas (SMSAs)
نویسندگان
چکیده
In an economy that proved to be highly sensitive to housing prices fluctuations it is at least intriguing why the U.S. has accurate housing price indices for the top 20 Metropolitan Statistical Areas (MSAs) only. This is an important informational gap since in most the states, housing sales in Small Metropolitan Statistical Areas (SMSAs) account for at least 30% of the total state sales. This paper uses matching methods and Fisher Indices to estimate housing price indices (HPIs) using data for Illinois MSAs. The main results suggest that co-movements between Big and Small MSAs are different than the expected.
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