Repeat Sales Methods

The repeat sales method was initially proposed by Bailey, Muth and Nourse (1963). They saw their procedure as a generalization of the chained matched model methodology applied by the pioneers in the construction of real estate price indices like Wyngarden (1927) and Wenzlick (1952). The best-known repeat sales indices are the Standard and Poor’s/Case-Shiller Home Price Indices in the US, which are computed for 20 cities (Standard and Poor’s, 2009). The Federal Housing Finance Agency (FHFA) also computes a repeat sales index for the US, using a slightly different approach. Residex and the UK Land Registry compute repeat sales indices for Australian cities and for the UK, respectively.