Responding to concerns that house price appraisals are biased measures of true home values, some researchers have suggested that repeat-transaction house price indices should be calculated using only price data from home purchases. This paper builds on previous literature and presents an...

The repeat-transactions model that is used in the construction of OFHEO's house price index (HPI) does not perfectly control for changes in the average condition of the housing stock. If the value of home improvements is not exactly offset by the effects of home depreciation, the HPI could...