Trends in residential house values can be expressed by changes in House Price Indexes (HPIs). Since the recent housing crash, distressed sales have increased in numbers and have led to concerns about how they affect HPIs. This paper has three parts. First, FHFA’s standard HPIs are compared to...

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...